JAKARTA – The Indonesian Palm Oil Association (GAPKI) reported that Indonesia’s export of crude palm oil (CPO) in January 2024 reached 2.802 million tons or an increase of 14.63% from that in December 2023.

“Indonesia’s CPO export in January rose by 14.63% to 2.802 million tons from 2.451 million tons in December 2023,” GAPKI Executive Director Mukti Sardjono said in a written statement on Friday (29/3/2024).

Mukti said that the largest export increase was seen in the export of CPO by 80.47% from 192,000 tons in December 2023 to 347,000 tons in January 2024.

He said that in terms of destination, the biggest increase of export was seen to European Union (EU) by 188,000 tons or 104.52% from 180,000 tons in December 2023 to 368,000 tons in January 2024. It is followed by the CPO export to Pakistan at 149,000 tons or 110.91% from 135,000 tons in December 2023 to 284,000 tons in January 2024.

“Exports to Africa rose by 107,000 tons or 44.33% from 240,000 tons in December 2023 to 347,000 tons in January 2024, while exports to India increased by 93,000 tons from 434,000 tons in December 2023 to 527,000 tons in January 2024,” he said.

Mukti said that China, which is one of the world’s major importers of vegetable oils, saw a decrease in its palm oil import from Indonesia in January 2023.

The CPO export to China dropped by 193,000 tons, a decrease of  34.02% from 569,000 tons in December 2023 to 375,000 tons in January 2024.

The palm oil export to the USA dropped by 106,000 tons or a decrease of 35.27% from 301,000 tons in December 2023 to 195,000 tons in January 2024.

He said that the export value in January 2024 reached US$2.304 billion or an increase of 10.63% from the export value in December 2023 at US$2.082 billion.

“The increase of export value was due to the increase of volume and average price of CPO from US$944 to US$958 per ton Cif Rotterdam (Oil World). With an initial stock in January at 3,146 thousand tons, production of CPO and PKO at 4,634 thousand tons, domestic consumption at 1,942 thousand tons and exports at 2,802 thousand tons, then final stock by the end of January 2024 is estimated at around 3,040 thousand tons,” he said.

According to Mukti, CPO production in January 2024 rose if compared to that in the previous month at 4.232 million tons or an increase of 5.91% from 3.996 million tons in December 2023.

The production of PKO is projected to increase by 5.91% from 380,000 tons in December 2023 to 402,000 tons in January 2024.

“The increase of production was due to more optimal results of harvest in January after many holidays during December which affected harvesting activities and production,” he said.

Mukti said that total local consumption of CPO in January 2024 dropped if compared to that of December 2023.

He said that consumption in January was only 1,942 thousand tons or 2.64% lower than the consumption in December 2023 at 1,995 thousand tons.

“The consumption decrease was seen for foods, oleochemical and biodiesel. It is a seasonal phenomenon after holidays and celebrations of Christmas in December and New Year,” he said. (*)

Source: KOMPAS.com