Press Release
Indonesian Palm Oil Association (IPOA)
PRESS RELEASE
Exports Drop, Stock Up
JAKARTA – Production of CPO in April 2024 reached 4,115 thousand tons or an increase of 0.32% from 4,102 thousand tons in March 2024. Production of PKO also increased by 0.52% from 391 thousand tons in March 2024 to 393 thousand tons in April 2024.
Total local consumption in April dropped by -0.26% to 1,893 thousand tons from 1,898 thousand tons in March 2024.
The consumption of CPO in April for foods saw an increase of 4.28% to 862 thousand tons, from 827 thousand tons in March. The consumption for oleochemical slightly rose from 187 thousand tons in March to 188 thousand tons in April. The consumption for biodiesel production dropped 4.67% from 884 thousand tons in April to 842 thousand tons in March.
The exports of palm oil dropped by 14.94% from 2,560 thousand tons in March to 2,178 thousand tons in April. The largest decrease of exports was seen in CPO at 46.7% from 327 thousand tons in March to 174 thousand tons in April, followed by oleochemical at 17.05% from 429 thousand tons in March to 356 thousand tons in April and processed CPO at 10.29% from 1.677 thousand tons in March to 1,504 thousand tons in April.
The increase of export volume in April 2024 was seen in PKO to 6 thousand tons from 0.2 thousand tons in March, in biodiesel to 14 thousand tons from 5 thousand tons in March and in processed PKO to 122 thousand tons from 121 thousand tons in March. The export value in April dropped 9.64% to US$1,968 million from US$2,178 million in March. It was because the decrease of volume and price from US$1,042/ton to US$1,039/ton cif Rotterdam.
The largest decrease of export volume from March to April was seen to the destination of China from 447 thousand tons to 315 thousand tons, followed by India from 456 thousand tons to 332 thousand tons, to Bangladesh from 162 thousand tons to 67 thousand tons, to Pakistan from 270 thousand tons to 182 thousand tons and to Netherland from 169 thousand tons to 108 thousand tons.
The increase of export volume in April was seen to destination of USA from 129 thousand tons to 193 thousand tons, Spain from 38 thousand tons to 70 thousand tons and Italy from 67 thousand tons to 84 thousand tons. The exports to Pakistan year on year (YoY) from 2023 until April 2024 rose by 68.49% to 741 thousand tons as compared to 440 thousand tons in 2023. The exports to India YoY also rose by 3.62% to 1,223 thousand tons compared to 1,180 thousand tons in 2023, while to China YoY until April 2024 declined by 4.2% compared to that in 2023, to European Union (EU) declined by 3% and to USA declined by 1.16%.
With initial stock in early April 2024 at 3,300 thousand tons, production of CPO and PKO at 4,115 thousand tons, local consumption 1,893 thousand tons and exports at 2,178 thousand tons, then final stock by end of April 2024 reached 3,741 thousand tons or an increase of around 13.36% compared to the stock in March 2024.
Jakarta, 24 June 2024
The Indonesian Palm Oil Association (GAPKI)
For further information, please contact:
Mukti Sardjono
Executive Director
GAPKI
Ph. 021-57943871
Fax. 021-57943872
