Indonesia’s palm oil exports hit 4-month high in February on tariff cuts

Indonesia’s exports of crude and refined palm oil rose 62.2% in February from the previous month to a four-month high, Reuters reported, citing statistics from the country’s customs office. The increase in the figures was due to Jakarta’s decision to reduce export duties on palm oil earlier. According to the agency, Indonesia exported 2.06 million tons of crude and refined palm oil in February, the highest since October. Exports were up 45.1 percent from February 2024.The increase in palm oil exports from Indonesia, the world’s largest tropical oil producer, is helping to reduce inventories and support prices, which are currently still higher than rival soybean oil. The reduction in export duties that has seen Indonesian palm oil prices fall below Malaysian levels has shifted buyer demand from Malaysia to Indonesia due to lower prices, so Malaysian oil exports in February fell 16.27% from the previous month to a 4-year low of 1 million tons. According to OleoScope, on ...