{"id":22246,"date":"2022-11-07T09:42:27","date_gmt":"2022-11-07T02:42:27","guid":{"rendered":"https:\/\/gapki.id\/en\/?p=22246"},"modified":"2022-11-07T09:42:27","modified_gmt":"2022-11-07T02:42:27","slug":"gapki-palm-oil-market-to-slightly-weaken-next-year","status":"publish","type":"post","link":"https:\/\/gapki.id\/en\/news\/2022\/11\/07\/gapki-palm-oil-market-to-slightly-weaken-next-year\/","title":{"rendered":"GAPKI: Palm Oil Market To Slightly Weaken Next Year"},"content":{"rendered":"

Bali. The Indonesian Palm Oil Association (GAPKI) has projected that palm oil prices will decline in 2023 amid forecasts of global economic recession. Palm oil production and consumption will also slightly drop\u00a0next year.<\/p>\n

GAPKI Foreign Affairs Division Head Fadhil Hasan said that global economic growth is a determinant of the price of palm oil. The sluggish economy will take a toll on the demand for vegetable oils, thus weakening palm oil prices.<\/p>\n

\"\"<\/a><\/p>\n

“I predict the overall palm oil prices in 2023 will be lower than what we had this year. But by how much, I cannot give an exact estimate of [the overall price] next year,” Fadhil told a press briefing at the 2022 Indonesian Palm Oil Conference (IPOC) in Bali on Friday, 4 November 2022.<\/p>\n

The International Monetary Fund (IMF) has cut its global economic growth forecast for 2023 from 2.9 percent to 2.7 percent. Many experts have warned about a coming recession, although the severity will vary from country to country.<\/p>\n

\u201cI think the European Union\u00a0will\u00a0face a quite deep recession. As well as China, due to its zero Covid policy,\u00a0and also the US. Fortunately, our exports mainly go to India, etc.,\u201d Fadhil said.<\/p>\n

At the 2022 IPOC kick-off, GAPKI Chairman Joko Supriyono said that the palm oil industry was \u201cat the peak of its glory\u201d in the first semester. Palm oil prices topped $1,800 per ton in March. \u201cThis is the highest price ever recorded in palm oil trading history,\u201d Joko said.<\/p>\n

Production Growth<\/strong><\/p>\n

GAPKI revealed production had been experiencing a downward trend since 2005. Palm oil production even posted a negative growth of around -1.15 percent in the past three years. This is a huge decline from the 10.12 percent growth in 2005-2010.<\/p>\n

Last year, palm oil production reached 51.6 million tons, of which 46.9 million tons were crude palm oil (CPO). The remaining 4.4 million tons were\u00a0palm kernel oil (PKO), GAPKI data showed. Judging by the first semester, the overall production in 2022 is projected to decrease to 51.3 million tons, according to the association.<\/p>\n

The average growth of palm oil production during 2005-2025. (GAPKI)<\/p>\n

Stick to B30<\/strong><\/p>\n

Fadhil said that it would be best for the government to stick to B30 \u2014a diesel fuel made of 30 percent palm oil biofuel\u2014 for now, or even next year, rather than increasing the blend rate to 40 percent. A B40 mandate could affect the domestic price of CPO, according to Fadhil.<\/p>\n

\u201c[Implementing B40] will have an impact on CPO domestic prices, and this will cause cooking oil prices to increase. I doubt the government wants this to happen. A B40 mandate\u00a0will not necessarily result in optimum net social benefits. It is better to keep it at B30 because it has already given maximum\u00a0net social benefits,”\u00a0he told reporters.<\/p>\n

GAPKI reported a shift in the composition of palm oil demand: from export-oriented to more domestic consumption due to the biofuel program.<\/p>\n

The government\u2019s plan to adopt the B40 biodiesel blend rate next year would mean that an additional 3 million tons of CPO would be consumed domestically, GAPKI revealed. (*)<\/p>\n

Source: jakartaglobe.id<\/em><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Bali. The Indonesian Palm Oil Association (GAPKI) has projected that palm oil prices will decline in 2023 amid forecasts of global economic recession. Palm oil production and consumption will also slightly drop\u00a0next year. GAPKI Foreign Affairs Division Head Fadhil Hasan said that global economic growth is a determinant of the price of palm oil. The… GAPKI: Palm Oil Market To Slightly Weaken Next Year<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":22247,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","neve_meta_reading_time":"","footnotes":""},"categories":[3710,3708,3709],"tags":[],"class_list":["post-22246","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-info-activity","category-publication","category-recent-news"],"yoast_head":"\nGAPKI: Palm Oil Market To Slightly Weaken Next Year - Gabungan Pengusaha Kelapa Sawit Indonesia (GAPKI)<\/title>\n<meta name=\"description\" content=\"Fadhil Hasan said of .... palm oil. 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