JAKARTA – The Indonesian Palm Oil Association (GAPKI) said that the exports of palm oil reached 3,385 thousand tons in June 2024, which surged by 72% compared to that in May 2024 at 1,964 thousand tons.
GAPKI Executive Director Mukti Sardjono said that the largest increase of exports was seen in the processed palm oil by 872 thousand tons from 1,365 thousand tons in May to 2,237 thousand tons in June. It is followed by the increase in crude palm oil (CPO) by 578 thousand tons to 651 thousand tons.
The increase of export volume was accompanied by the increase of price from US$981 per ton in May to US$1,011 per ton in June. “As a result, the export value rose to US$2,798 million in June from US$1,728 million at the previous month,” Mukti said in a written statement on Wednesday, 28 August 2024.
Based on country destinations, the largest increase of exports was seen to India by 599 thousand tons to 783 thousand tons, which was followed by exports to China by 322 thousand tons to 712 thousand tons, to Pakistan by 156 thousand tons to 286 thousand tons, to Egypt by 100 thousand tons to 122 thousand tons.
“The decrease of exports was seen to EU by 41 thousand tons to 275 thousand tons and to Bangladesh by 14 thousand tons to 80 thousand tons,” said Mukti.
Meanwhile, Mukti said production of CPO in June 2024 reached 3,691 thousand tons, which dropped by 5% from 3,885 thousand tons in May. The production of PKO also dropped from 368 thousand tons in May to 354 thousand tons in June.
As of June 2024, the production of CPO dropped by 4.07% from that of the same period last year. Domestic total consumption decreased 3.0 thousand tons from 1,943 thousand tons in May to 1,940 thousand tons in June 2024.
The consumption for foods increased 1.0 thousand tons, while for oleochemical rose 5.0 thousand tons from that in May and for biodiesel dropped from 907 thousand tons to 898 thousand tons.
“As production slightly decreased, consumption relatively stable and exports surged, then final stock in June dropped to 2,818 thousand tons, or around 1,276 thousand tons lower than the final stock by the end of May,” Mukti said. (*)
Source: sawitku.id
