Indonesian CPO Exports Rise 14.63 Percent in January 2024; Several Countries Increase Demand

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CPO Reference Price Escalates: OF and Levy Set at US$ 118 per Ton for July 2024. Photo by: Palmoilmagazine.com

PALMOILMAGAZINE, JAKARTA – In January 2024, palm oil exports from Indonesia surged to 2.802 million tons, marking a significant increase of 14.63% compared to December 2023, when exports stood at 2.451 million tons. The notable growth was predominantly observed in crude palm oil (CPO), which soared by 80.47%, rising from 192 thousand tons in December 2023 to 347 thousand tons in January 2024.

Additionally, palm oil derivative products experienced a notable uptick of 14.26%, escalating from 1.683 million tons in December 2023 to 1.922 million tons in January 2024.

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Mukti Sardjono, the Executive Director of the Indonesian Palm Oil Association (IPOA), highlighted that the most substantial increases in exports, in terms of volume, were recorded in the European Union and Pakistan. Exports to the European Union surged by 104.52%, from 180 thousand tons in December 2023 to 368 thousand tons in January 2024.

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Similarly, exports to Pakistan increased by 110.91%, from 135 thousand tons to 284 thousand tons during the same period. In Africa, exports rose to 107 thousand tons in January 2024 from 240 thousand tons in December 2023, representing a growth of 44.33%. Meanwhile, exports to India increased to 93 thousand tons in January 2024 from 434 thousand tons in December 2023.

Mukti continued, as one palm oil importer in the world, China got decreasing imports from Indonesia in January 2023 or 193 thousand tons (from 569 thousand tons in December 2023 to be 375 thousand tons in January 2024/(-4,02%).

“United States of America got decreasing imports about 106 thousand tons or from 301 thousand tons in December 2023 to be 195 thousand tons in January 2024 (-35,27%),” Mukti said, as in the official statement to Palmoilmagazine.com, Thursday (28/3/2024). (T2)

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