World Trade in Palm Oil
According to the specialized magazine "World Oil" (based in Hamburg), in 2008 the world production of oils and fats amounted to 160, 000, 000 tons.
Palm oil and palm kernel oil have made up the majority, or 48, 000, 000 tons, about 30% of total production.
Soybean oil took second place with 37, 000, 000 tons (or 23%).
About 38% of the oils and fats produced in the world have been shipped by sea from one continent to another.
Of the 60, 300, 000 tons of oils and fats exported worldwide, palm oil and palm kernel oil made up almost 60%; of the total.
With 45% of the market share, Malaysia has dominated the world trade in palm oil.
Regulation and Food Labels
In the past, on the European Union (EU) food labels, palm oil could be mentioned with the words "vegetable fats" or "vegetable oil".
From December 2014, on the other hand, the terms and generic wordings are no longer allowed on the list of ingredients on EU food packaging.
Food producers are required to list the specific type of vegetable fat used, including palm oil.
Vegetable oils and fats can be grouped in the list of ingredients with the terms "vegetable oils" or "vegetable fats", provided they are properly followed by:
Proper and full wording of the ingredient; for example: "palm", "sunflower", "rapeseed" etc.
Wording: "in variable proportion".
