Press Release
Indonesian Palm Oil Association (IPOA)
PRESS RELEASE
Production Declines, Stock Drops Again
JAKARTA – The production of CPO in July 2024 reached 3,617 thousand tons, a decrease of 2.0% compared to production in June at 3,691 thousand tons. Production of PKO also dropped to 344 thousand tons from 354 thousand tons in June.
As of July, the production in 2024 reached 30,146 thousand tons, a decrease of 5.99% compared to that of the same period in 2023 at 32,066 thousand tons.
Total local consumption rose by 90 thousand tons from 1,940 thousand tons in June to 2,030 thousand tons in July 2024. The consumption for foods dropped 40 thousand tons and for oleochemical dropped 7 thousand tons, while for biodiesel rose from 898 thousand tons to 1,035 thousand tons. Year on year (YoY) until July, the local consumption in 2024 reached 13,510 thousand tons or 2.17% higher than that in 2023 at 13,223 thousand tons.
The consumption for foods reached 5,767 thousand tons or 5.18% lower than that of last year ; consumption for oleochemical reached 1,301 thousand tons or lower by 2.11% than that of the previous year ; while for biodiesel reached 6,442 thousand tons or 10.84% higher than that of previous year.
Total exports decreased to 2,241 thousand tons in July 2024, from 3,385 thousand tons in June or a decrease of 1,144 thousand tons, after seeing an increase at the previous month at 1,421 thousand tons.
The largest decrease was seen in the processed CPO, which dropped by 648 thousand tons from 2,237 thousand tons in June to 1,589 thousand tons in July. It was followed by CPO which dropped by 477 thousand tons to 174 thousand tons. The decrease of export volume caused the decrease of export value to US$1,976 million from US$2,798 million in June, despite the average price rose from $1,011/ton in June to $1,024/ton cif Roterdam in July.
Based on country destination, the largest decrease of exports was seen to India, which dropped by 490 thousand tons to 293 thousand tons, after rising by 599 thousand tons at the previous month. The export decrease was also seen to China, which dropped by 255 thousand tons to 488 thousand tons, after rising 322 thousand tons at the previous month, to Egypt a decrease of 71 thousand tons to 50 thousand tons after rising 81 thousand tons at the previous month, to Pakistan a decrease of 64 thousand tons to 224 thousand tons after rising 156 thousand tons at the previous month, and to Africa a decrease of 162 thousand tons after rising 184 thousand tons at the previous month.
Exports to EU dropped 77 thousand tons to 198 thousand tons in July, after decreasing at the previous month at 41 thousand tons.
With the decline of production by 2%, increase of local consumption by 4.67% and decline of exports by 33.79%, then final stock in July had again dropped to 2,513 thousand tons, from 2,818 thousand tons at the end of June.
Jakarta, 25 September 2024
The Indonesian Palm Oil Association (GAPKI)
For further information, please contact:
Mukti Sardjono
Executive Director
GAPKI
Ph. 021-57943871
Fax. 021-57943872
