Top 5 countries with highest palm oil exports globally

Nigeria once dominated global palm oil production, with countries like Malaysia sourcing palm seeds from Nigeria in the 18th century, initially used as ornamental plants.

However, Nigeria has been overtaken by global competitors, now trailing behind Indonesia and Malaysia in palm oil production. According to the United States Department of Agriculture (USDA), the global palm oil production reached 79.46 million metric tons, with two countries leading the charge.

Indonesia and Malaysia together produced about 66 million metric tons, accounting for 83 percent of the global output in 2023.

Read also: Inside Nigeria’s $10bn palm oil export

Here are the top five producers of palm oil in 2024:

Indonesia

Indonesia topped global production with 47 million metric tons, contributing 59 percent of the world’s palm oil supply in 2023 according to the (USDA). The industry is a significant part of the nation’s economy, contributing 4.5 percent to GDP.
1n 2022, the palm oil export landscape saw Indonesia leading the charge with a remarkable $28.7 billion in exports. Close behind, Malaysia followed with $17.7 billion, solidifying its position as a major player in the market.

Malaysia

Malaysia came second, producing 19 million metric tons, which made up 24 percent of global production. Palm oil contributes around 2.4 percent to Malaysia’s GDP, with major production areas including Sabah, Sarawak, and Johor.

Read also: 7 steps to successfully export palm oil in 2025

Thailand

Thailand ranked third, producing 3.4 million metric tons, accounting for 4 percent of the global supply. The majority of its production comes from provinces like Krabi, Surat Thani, and Chumphorn.

Thailand contributed $1.31 billion, while the Netherlands and Papua New Guinea added $1.18 billion and $1.03 billion, respectively.
These nations dominated the global palm oil trade, each carving out their piece of the lucrative industry.

Read also: Industries’ thirst for palm oil sees prices surge by 120%

Colombia

With 1.9 million metric tons, Colombia produced 2 percent of the global total, with key production zones in the Western, Northern, Central, and Eastern regions.

Nigeria

Nigeria produced 1.4 million metric tons, representing 2 percent of the global supply. While it was once the global leader in production, its market share has significantly declined since the 1960s, when it held 43%.

Today, Nigeria imports over $500 million worth of palm oil annually, despite being Africa’s largest consumer of palm oil, consuming around 3 million metric tons. Akwa-Ibom, Edo, Delta, Ondo and all the south-eastern states are the main producers in the country.