PALMOILMAGAZINE, JAKARTA – CBS mentioned that the economy in India relatively increased massively. In July 2023, the economy in Bollywood country, according to PMI manufacture – the main trade partner, was still in expansive zone.
Economic progress released by the country, India got increasing economy up to 6,2 percent in July 2023 even though decreasing from the previous month that reached 13,1 percent and 9,1 percent compared to the previous year.
China was still in expansive economic development. It increased 6,3 percent in July 2023. The previous month, it increased 4,5 percent and 0,4 percent compared to the previous year. The economy in China showed that the consumers’ purchase remained well.
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Crude palm oil (CPO) and its derivative importer countries keep exciting and expansive because the people’s consumption in many countries tends to get bigger and the trade relatively increases.
Palm oil business as part of non-oil and gas exports keeps increasing. China and India are still the main countries for the vegetable oil product.
Though CPO and its derivative importer countries still got high consumption performance, CPO price tended to decrease compared to last year price. In July 2023 the average was US$ 878,5 per ton but in the previous year, it was US$ 1.056,6 per ton or decreased up to 16,86 percent.
CPO and its derivative exports also decreased up to 19,25 percent compared to the same period in last year that reached US$ 2,82 billion.
Though it got cheaper than it in last year, CPO price got more expensive than it in the previous month. Editorials of InfoSAWIT noticed, CPO got more expensive 7,53 percent compared to June 2023 average price.
The better CPO price in the exports would be the positive to develop palm oil business in the global level, and palm oil plantation companies that got trade at Bursa Efek Indonesia (BEI).
Pusat Data Bisnis InfoSAWIT (PDBI) predicted that CPO exports would be increasing and encourage palm oil business performance in Indonesia.
If you are interested in CPO price that got cheaper in July 2023, update your latest information about palm oil business only in InfoSAWIT. News Networking of Mitra Media Networks. (T1)
