JAKARTA – Palm oil production, exports and consumption in March 2024 increased. Production of crude palm oil (CPO) reached 4,102 thousand tons or an increase of 5.50 percent from 3,888 thousand tons in February 2024. Production of PKO increased by around 5.97 percent from 369 thousand tons in February 2024 to 391 thousand tons in March 2024.

“The production increased because, among other things, there are more working days in March 2024 compared to those in February,” the Indonesian Palm Oil Association (GAPKI) Executive Director Mukti Sardjono said in a press statement in Jakarta on Tuesday (28/5/2024).

Mukti said that total domestic consumption in March also increased by 1.40 percent to 1,898 thousand tons as compared to that of February 2024 at 1,864 thousand tons. The consumption in March for foods rose by 7.54 percent to 827 thousand tons, from 769 thousand tons in February.

The consumption for oleochemical rose by 6.86 percent to 187 thousand tons, from 175 thousand tons in February. The consumption for biodiesel in March dropped 3.95 percent to 884 thousand tons, from 920 thousand tons in February.

Based on GAPKI data, total exports of palm oil in March rose by 18.21 percent from 2,166 thousand tons in February to 2,560 thousand tons in March. The largest increase of exports in March was seen in CPO at 114.73 percent from 152 thousand tons in February to 327 thousand tons in March.

“It was followed by the increase of oleochemical export at 17.91 percent from 364 thousand tons in February to 429 thousand tons in March, and processed CPO at 12.20 percent from 1,495 thousand tons in February to 1,677 thousand tons,” said Mukti.

According to him, the export of PKO in March dropped by 98.73 percent to 0.19 thousand tons from 15 thousand tons in February. The export of biodiesel dropped by 54.54 percent to 5 thousand tons, from 11 thousand tons in February, and the export of processed PKO decreased by 5.69% to 121 thousand tons from 129 thousand tons in February.

The export value of palm oil in March 2024 rose by 4.47 percent to US$2,178 million from US$2,082 million in February, which was supported by the increase of CPO price from US$965 per ton to US$1,042 per ton.

Mukti said that the largest increase of export volume from February to March was seen to India from 216 thousand tons to 456 thousand tons, after seeing a decrease of 287 thousand tons in February. It was followed by the export volume to Bangladesh from 128 thousand tons to 162 thousand tons, after seeing a decrease of 43 thousand tons in February, and China from 121 thousand tons to 447 thousand tons, after seeing a decrease of 49 thousand tons in February.

But the export volume in March to the USA dropped by 74 thousand tons to 129 thousand tons, to EU dropped by 24 thousand tons to 317 thousand tons and to Malaysia dropped by 37 thousand tons to 52 thousand tons.

Palm oil stock in early March reached 3,264 thousand tons, production of CPO and PKO at 4,493 thousand tons, domestic consumption at 1,898 thousand tons and exports at 2,560 thousand tons. “Then final stock by end of March 2024 reached 3,300 thousand tons or an increase of around 1.09 percent compared to the stock in February 2024,” said Mukti. (*)

Source: news.majalahhortus.com