Press Release
Indonesian Palm Oil Association (IPOA)
EXPORT VALUE REACHES HIGHEST RECORD
The export value of palm oil products in May 2021 reached US$ 3.063 billion, which was a new all-time high of monthly export value. The record achievement was supported by the very high average price during May at US$ 1,241/ton cif Roterdam, which was the highest monthly average price during the last 10 years. The palm oil export value amounted to 18.5% of the total national export value during May at US$ 16.60 billion and resulted in a monthly trade balance of +US$ 2.37 billion.
The increase of export value was also supported by the rise of export volume to 2.952 million tons or an increase of 12.0% from that of April 2021. The biggest increase of export was seen by the processed products of crude palm oil (CPO) at 432 thousand tons (+22,9%) to 2,318 thousand tons and the processed products of palm kernel oil (PKO) at 31 thousand tons (+34,8%) to 119 thousand tons, while the exports of CPO and crude PKO dropped by 119 thousand tons (-40%).
In terms of country destinations, the highest increase of export was seen to Pakistan by 138 thousand tons to 265.5 thousand tons, followed by Africa (excluded Egypt) by 103.6 thousand tons to 243.2 thousand tons, to Middle East (excluded Egypt) by 75.1 thousand tons to 154.72 thousand tons, while export to Egypt dropped by 15.8 thousand tons to 77.0 thousand tons. The biggest export drop was seen to China by 157.6 thousand tons to 467.3 thousand tons and to India by 83.7 thousand tons to 213.9 thousand tons.
The domestic consumption of palm oil also rose by 55 thousand tons to 1,645 million tons (+3,5%). The domestic consumption for foods reached 842 thousand tons or an increase of 2.8% from that of previous month, for oleochemical rose by 8.6% to 176 thousand tons and for biodiesel dropped by 0.32% to 627 thousand tons.
The production of palm oil in May 2021 reached 4,354 thousand tons, consisting of CPO at 3,966 thousand tons and PKO at 388 thousand tons, so that total increase of CPO and PKO production amounted to 257 thousand tons or an increase of 6% compared to the production in April at 4,097 thousand tons. The production increase was lower than the increase of exports and local consumption at 350 thousand tons, causing the stock in May to drop to 2,884 thousand tons. The low stock of palm oil and several other main vegetable oils was one of the factors that had caused the high prices of vegetable oils.
Jakarta, 14 July 2021
Indonesian Palm Oil Association (IPOA)
For further information, please contact:
Mukti Sardjono
Executive Director GAPKI
Phone/Fax:
021-57943871
Fax. 021-57943872
