PALMOILMAGAZINE, JAKARTA – Based on data from the Indonesian Palm Oil Association (IPOA), Indonesia’s total palm oil product exports showed a significant increase of 4.5% in May 2023 when compared to the exports in April 2023.
These exports reached various countries, including India, which saw a substantial rise of 168.3 thousand tons or 105.1%. Additionally, African countries, excluding Egypt, also experienced increased imports of Indonesian palm oil, with a notable rise of 85.5 thousand tons or 43.3%. Egypt’s imports also grew, with an increase of 46.5 thousand tons or 128.8%.
However, it is worth noting that Indonesia’s palm oil exports to the European Union – EU-27 witnessed a decrease of 73.1 thousand tons or 22.5%. Moreover, exports to Pakistan declined by 58.4 thousand tons or 21.1%, and exports to Bangladesh decreased by 52.4 thousand tons or 51.3%.
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On a year-on-year basis (YoY), the cumulative total export by May 2023 demonstrated a remarkable increase of 33.5%, reaching 12,864 tons compared to 9,633 tons in 2022.
Executive Director of IPOA, Mukti Sardjono, total palm oil exports by May 2023 reached US$ 2,05 billion or increased 4,6% from the same period in last year.
“Though CPO price at CIF Rotterdam in May 2023 (US$ 940/ton) was cheaper than it in April (US$ 1023/ton), the average transaction actually increased to some countries, such as, India, Bangladesh, some countries in Asia and states of USA,” Mukti said. (T2)
