Indonesia’s Palm Oil Export Down 19.2 Pct in April
Jakarta. Indonesia witnessed a 19.2 percent decline in its palm oil exports in April compared to what the country exported the previous month, according to industry association Gapki.
Data showed that Indonesia’s palm oil exports in April totaled 2.1 million tons, a decline from 2.6 million tons in March. The April exports were mostly processed crude palm oil (CPO), which accounted for 1.6 million tons.
“The export volume in April is the lowest since Feb. 2022, except for May 2022 when Indonesia imposed the ban on palm oil exports,” a recent Gapki press statement reads.
Indonesia exported 10.6 million tons of palm oil in the first four months of 2023, down from the 8.9 million tons posted during the same period last year. Palm oil export volume throughout 2022 reached 33.9 million tons.
Gapki’s April report also revealed a decrease in palm oil export volume to China (-48.7 percent), African countries except for Egypt (-47.3 percent), India (-36.5 percent), and the US (-29.7 percent).
The Southeast Asian country generated $2.4 billion in March from its palm oil exports, but the number went down to $1.96 billion in April. Gapki attributed the drop to the also declining CPO prices, which stood at $1,031/ton CIF Rotterdam in March but shrank to $1,025/ton a month later.
“April’s [palm oil export value] is the lowest that Indonesia has recorded in the past 11 months,” Gapki said.
Domestic palm oil consumption in April totaled 1.89 million tons, 776,000 tons of which came from biodiesel. This is also not far off from March during which the overall palm oil consumption at home amounted to 1.81 million tons.
Indonesia also produced 4.5 million tons of palm oil in April, thus bringing the total production in the first four months of 2023 to 17.8 million tons. The national palm oil production last year reached 51.2 million tons, Gapki reported.