Indonesia's palm oil exports are predicted to drop by 2.5% to 29.5 million tons in 2024, according to GAPKI. Despite the decrease in exports, production is expected to rise by 2.26% to 54.4 million tons. By the end of 2024, the country's palm oil reserves are projected to reach 5.25 million tons. Globally, palm oil production for 2023/24 is anticipated to be 79.46 million tons, with Indonesia and Malaysia leading the market.
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Indonesia will ship about 29.5 million tons of palm oil to foreign markets this year, the nation’s GAPKI said Wednesday. They estimated exports would fall by about 2.5 percent to 2023 levels. In contrast, production will rise by 2.26% to 54.4 million tons, according to the head of the industry association, Fadhil Hasan. He estimates Indonesia’s palm oil reserves at 5.25 million tons by the end of 2024. The February report of the US Department of Agriculture (USDA) says that global palm oil production in 2023/24 MY will be 79.46 million tons against 78.06 million tons a season earlier. The market will traditionally be dominated by Indonesia and Malaysia with 47 million tons (46.5 million tons) and 19 ...
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