Malaysian used cooking oil (UCO) exports hit a record high of 456,000t last year, up by 42pc from 321,000t in 2019, customs data show. Exports were boosted by rising demand from Europe and Malaysia's emergence as a hub for regional volumes. Singapore and the Netherlands were the two biggest buyers, taking 39pc and 31pc of the 2020 total respectively, according to Global Trade Tracker.
But Malaysia's net exports slumped by 76pc to 27,000t from 113,000t in 2019 as Covid lockdowns curtailed collections to as much as 50pc of pre-pandemic levels, while more UCO-based biodiesel capacity came on line. UCO imports doubled to 429,000t last year as several traders packaged smaller volumes into larger bulk cargoes to ship on to Europe. More than half of the imports came from China, which supplied 231,000t, with 83,000t coming from Indonesia. Biodiesel exports fell by 45pc to 402,000t as record high palm prices made discretionary blending for PME biodiesel untenable. Spain took 187,000t and the Netherlands took 118,000t.