Indonesia cuts palm oil exports in February

Published May 2, 2024

Tridge summary

In February, Indonesia's palm oil exports saw a decrease, shipping only 2.17 million tons compared to 2.91 million tons the previous year, due to higher global prices for alternative oils such as rapeseed and sunflower, and a surge in soybean oil stocks. Despite the dip in exports, domestic consumption of palm oil in Indonesia rose slightly to 1.86 million tonnes, and the country produced 3.88 million tons of crude palm oil. Additionally, the end-of-month inventories of crude palm oil increased to 3.26 million tons from 3.03 million tons the year before.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

In February, Indonesia shipped about 2.17 million tons of palm oil to foreign markets, compared to 2.91 million tons in the same month last year, Reuters reported, citing data from the national association GAPKI. Experts attribute the decrease in shipments to more competitive global prices for alternative oils: in particular, rapeseed and sunflower. In addition, experts explain, global demand was negatively affected by high stocks of soybean oil. Indonesia's palm oil consumption rose to 1.86 million tonnes in February, up from 1.8 million tonnes a year earlier, GAPKI estimates. ...

Source: Milknews