JAKARTA – Indonesia’s Palm oil exporters are grateful over the high demand for palm oil and derivative products before the fasting month of Ramadan and ahead of the celebration of Eid Al-Fitri 1444 Hijri this year. The high demand was particularly reflected in foreign countries with populations of Moslem majority.
Based on data from the Indonesian Palm Oil Association (GAPKI) as of February 2023, Bangladesh and Egypt increased very significantly their purchases of palm oil. During the period, the palm oil imports of Bangladesh reached 115,000 tons or an increase of 289% compared to the previous period, while the palm oil imports of Egypt reached 81,000 tons or an increase of 142%.
“The two countries increased their imports of palm oil to fulfill their needs during Ramadan and ahead of Eid Al-Fitr celebration. Usually, demand for palm oil from countries of Muslim majority has always increased ahead of Ramadan,” GAPKI Executive Director Mukti Sardjono said.
Data from the World Population Review shows that Bangladesh has Muslim population of 153 million and Egypt has 90 million. China has also increased imports of palm oil by 287,000 ton or an increase of 55% from its normal imports.
Generally, the total export volume of palm oil decreased slightly from 2.946 million tons in January 2023 to 2.912 million tons in February 2023. But the export value of palm oil increased from US$2,605 million in January 2023 to US$2,687 million in February 2023. The increase of the export value was supported by the composition of palm oil derivative products imported by the consuming countries.
Mukti pointed out that the exports of processed palm oil rose from 2.121 million tons in January 2023 to 2.254 million tons in February 2023 (the price of processed palm oil is higher than that of CPO).
Meanwhile, export increase was also seen to Philippines, Myanmar, Vietnam, and countries of EU (excluded Spain and Italy) despite in small percentage. Significant decrease of palm oil export was seen to India (-301,000 tons/-41%) and Pakistan (-87,000 tons/-45%). But export decrease was also seen to the USA, Malaysia, and Singapore in smaller percentage. (*)
Source: sawitindonesia.com
