Indonesia's palm oil exports weaken while China remains main consumer

Published 2024년 2월 28일

Tridge summary

The Indonesian Palm Oil Entrepreneurs Association (Gapki) has reported a slight decrease in palm oil exports, from 33.15 million tons in 2022 to 32.21 million tons in 2023, a drop of 2.38%. This is largely influenced by the economic conditions of the importing countries and the price of vegetable oil. China remains the largest importer of Indonesian palm oil, with a demand of 7.7 million tons in 2023. However, the industry faces challenges due to global economic uncertainty, particularly in developed countries.

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Original content

Reporter: Rashif Usman | Editor: Wahyu T. Rahmawati KONTAN.CO.ID - JAKARTA. The Indonesian Palm Oil Entrepreneurs Association (Gapki) noted that exports of palm oil products, both Crude Palm Oil (CPO) and Palm Kernel Oil (PKO), fell 2.38% from 33.15 million tons in 2022 to 32.21 million tons in 2022. 2023. The general chairman of Gapki, Eddy Martono, said that the performance of national palm oil exports is very dependent on the economic conditions of the importing country and the price of vegetable oil. Meanwhile, this year he projects that export volume will decrease slightly compared to last year. "It's likely that it will still be above 30 million tons, it won't fall that much. Even if it falls slightly below (realized exports) in 2023," said Eddy in a press conference, Tuesday (27/2). According to Gapki's records, China is Indonesia's largest export destination for palm oil products in 2023. Demand for palm oil from the Bamboo Curtain country this year has reached 7.7 million ...

Source: Kontan