PALMOILMAGAZINE, JAKARTA – The Indonesian Palm Oil Association (IPOA) reported a sharp decline in crude palm oil (CPO) exports from Indonesia, dropping to 2.241 million tons in July 2024 from 3.385 million tons in June, a decrease of 1.144 million tons.
This decline was driven by a decrease in CPO derivative products, which fell by 648 thousand tons from 2.237 million tons to 1.589 million tons, and CPO itself, which dropped by 477 thousand tons to 174 thousand tons.
“Despite the average price rising from $1,011/ton in June to $1,024/ton CIF Rotterdam in July, export revenue still decreased from $2.798 billion to $1.976 billion,” said Mukti Sardjono, Executive Director of IPOA, as quoted by Palmoilmagazine.com on Monday (30/9/2024).
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The largest export decline was to India, which fell from 599 thousand tons in June to 293 thousand tons in July. China also saw a decrease, from 322 thousand tons to 255 thousand tons, along with drops in exports to Egypt, Pakistan, and Africa.
For the decreasing production up to 2%, the increasing domestic consumption that reached 4,67%, and decreasing exports up to 33,79%, July 2024 final stock got decreased to be 2.513 thousand tons from 2.818 thousand tons by the late of June. (P2)
