PALMOILMAGAZINE, JAKARTA – Indonesian palm oil exports reached their target of US$ 2.304 billion in January 2024. This is a significant jump of 10.63% from the previous month or December 2023 which only reached US$ 2.082 billion.
Executive Director of the Indonesian Palm Oil Association (Gapki), Mukti Sradjono, said that one of the main factors that made the export figure increase was the average price of crude palm oil (CPO).
“According to Oil World, CPO prices improved from US$ 944 to US$ 958 per ton Cif Rotterdam. This has an impact not only on the value of exports but also on the income of the plantation sector in Indonesia,” Mukti said in an official statement to Palmoilmagazine.com on Saturday (30/3/2024).
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IPOA reported that the latest data showed that CPO stocks in January reached 3.146 million tons. CPO and palm kernel oil (PKO) production reached 4,634 million tons. On the other hand, domestic consumption reached 1,942 million tons and exports reached 2,802 million tons.
“This means that stocks at the end of January 2024 will be around 3,040 million tons,” he said.
This increase in export value positively boosts the Indonesian economy, especially in the face of world economic challenges. Although the increase in exports came from an increase in the average price of CPO, it is very important for the government and stakeholders to increase export volumes. (T2)
