In 2023, Saudi Arabia's palm oil export volume stood at 8.0 thousand metric tons. This marked an 11.11% decrease from the previous year, continuing a declining trend observed over recent years. The five-year compound annual growth rate (CAGR) for the period ending in 2023 was -4.36%, indicating an average annual decrease in export volumes. Historically, after peaking at 18.0 thousand metric tons in 2014, the export volume has shown significant fluctuations but has trended downward.
From 2024 to 2028, the forecast projects export volumes to continue decreasing, with a predicted five-year CAGR of -7.28%. By 2028, the volume is expected to decline further to 5.17 thousand metric tons, representing a 31.47% decrease from the 2023 levels.
Future trends to watch for:
- Global market demand for palm oil and competitive exports from other countries
- Saudi government policies on agriculture and export incentives
- Shifts in international trade relations and tariffs
- Technological advancements in crop production and oil extraction methods
- Impact of environmental regulations and sustainable practices on palm oil production
