Indonesia sees decline in palm oil exports, average prices up - GAPKI

Published Apr 20, 2022

Tridge summary

In February, Indonesia's palm oil exports saw a decrease of 3.7% from January, but an increase of 1.35% compared to the same month the previous year. The country exported 2.09 million tons of palm oil products, resulting in around $2.79 billion in revenue. Despite the revenue increase, the average crude palm oil price rose significantly due to global supply and demand issues. Factors such as crop failures and the Russian-Ukrainian conflict have led to a shortage in vegetable oil supply, impacting Indonesia's palm oil exports. The country experienced a decline in domestic production, with crude palm oil production decreasing by 16.6% in the first two months of 2022. However, there was an increase in biodiesel exports in February. The exports experienced variations in different destination countries, with significant increases to the Netherlands and Ukraine, and decreases to Africa and the Philippines.

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Original content

The Indonesian Palm Oil Association, or Gapki, announced on Tuesday that the country exported 2.09 million tons of palm oil products in February, down 3.7% from 2.17 million tons in January. reports oilworld.ru. Compared to the same month last year, exports increased by 1.35%. Palm oil exports from Indonesia totaled about $2.79 billion in February, down 0.6% from $2.8 billion in the previous month, according to Jakarta Global. The average crude palm oil (CPO) price at CIF Rotterdam was $1,522 per ton in February, up from $1,358 per ton in January. The price was also $469 higher than in February last year, which was $1,053 per ton. Soaring prices, coupled with a decline in domestic production, have weighed on Indonesian palm oil exports. “The current global situation is pushing commodity prices, including vegetable oils, to rise. Supply and demand play a decisive role here. Vegetable oil is in short supply due to crop failures and the Russian-Ukrainian conflict,” Gapki Chairman ...

Source: Oilworld