PALMOILMAGAZINE, JAKARTA – In August 2023, the production of crude palm oil (CPO) amounted to 3.855 thousand tons, with palm kernel oil (PKO) production reaching 366 thousand tons, resulting in a combined total of 4.221 thousand tons. These figures were lower than the production in July 2023, which stood at 4.771 thousand tons.
However, when comparing the production to the same period the previous year (YoY), August 2023 showed a 14.8% increase, reaching 4.678 thousand tons, surpassing the 2022 production of 31.609 thousand tons to reach 36.287 thousand tons in 2023.
Mukti Sardjono, the Executive Director of the Indonesian Palm Oil Association (IPOA), highlighted that the total consumption in August 2023 reached 2.037 thousand tons, marking a 14.8% increase compared to July, when it was 1.757 thousand tons.
Also Read : Impressive 7.9% Surge in Indonesian CPO Production for July 2023
This happened for the increasing biodiesel consumption that reached 237 thousand tons (+33%), from 719 thousand tons in July 2023 to be 956 thousand tons in August. “The increasing consumption happened in food sectors from 853 thousand tons in July 2023 to be 898 thousand tons in August 2023 while in oleochemical sector decreased 2 thousand tons,” Mukti said, as in the official statement to Palmoilmagazine.com, Friday (27/2023).
August 2023 total exports reached 2.073 thousand tons or decreased 41% to bulan July 2023 exports that reached 3.519 thousand tons. These happened for the lower production in this country but consistently increasing absorption.
With the total export, it is predicted that the export values in August 2023 could be US$ 1.683 million. The numbers were less than July 2023 export that reached US$ 2.918 million. “Early August 2023 estimation stock could be 3.128 thousand tons with the decreasing production 11,5% and increasing consumption 15,9% it means, the last August 2023 stock could be about 3.244 thousand tons,” Mukti said. (T2)
