Export Surging Due To Energy Crisis In India & China

Press Release
Indonesian Palm Oil Association (IPOA)

EXPORT SURGING DUE TO ENERGY CRISIS IN INDIA AND CHINA

The export value of palm oil products in August 2021 reached US$ 4.42 billion, an increase of US$ 1.6 billion from that of July. It was supported by the increase of export volume by 1.532 million tons from that of July to 4.274 million tons and the increase of average price of CPO at $102/ton from that of July to US$ 1,226/ton CIF Roterdam in August.

The increase of palm oil exports was mainly seen in several countries of main destinations. The decrease of import tax in India from 15% to 10% for palm oil and other vegetable oils during the period of 30 June until 30 September 2021 had driven up the export to India to 958.5 thousand tons from only 231.2 thousand tons in July.

The palm oil export to China also rose significantly by 297 thousand tons to 819.2 thousand tons or 56,86% higher than that of July at 522.2 thousand tons. The export to Africa surged significantly, with the highest increase was seen to Kenya (+118 thousand ton), to Egypt (+40.5 thousand ton), and to Malaysia at an increase of 102% or 97 thousand tons from 95.1 thousand tons to 192.1 thousand tons.

Despite export to EU-27 dropped by 9.21% from that of previous month, but export to Netherlands rose by 30.7 thousand tons to 203.0 thousand tons or +48% from the export in July at 172.3 thousand tons. Local consumption in August 2021 reached 1,465 thousand tons, which was relatively stagnant compared to that of July at 1,444 thousand tons.

The consumption for foods increased slightly from 708 thousand tons in July to 718 thousand tons in August, for oleochemical reached 178 thousand tons in August as compared to 180 thousand tons in July and for biodiesel reached 569 thousand tons in August as compared to 556 thousand tons in July.

The CPO production in August reached 4,218 thousand tons and PKO at 400 thousand tons or around 04% higher than that of July. With the achievement of export performance, consumption and production, final stock in August 2021 amounted to 3,433 thousand tons or around 1.1 million tons lower than that of July.

Jakarta, 8 October 2021
Indonesian Palm Oil Association (IPOA)

For further information, please contact:

Mukti Sardjono
Executive Director GAPKI
Phone/Fax:
021-57943871
Fax. 021-57943872

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