Indonesia 2023 palm oil output seen up 5% y/y -GAPKI
Indonesia’s Palm Oil Association (GAPKI) expects a 5% increase in the country’s output of the commodity thisyear and sees stocks at around 3.2 million metric tons by the year’s end, secretary general M. Hadi Sugeng told reporters on Tuesday.
GAPKI estimated 2023 output of crude palm oil to reach 49 million tons, he said. Indonesia also expects to produce 4.7 million tons of palm kernel oil.
Production is seen growing despite the expectation of a delayed harvest this year caused by the El Niño weather phenomenon, Hadi said.
Indonesia, the world’s biggest palm oil exporter, had 3.13 million tonnes of palm oil stock atthe end of July, GAPKI’s latest data showed.
Source: Reuters (Reporting by Bernadette Christina Munthe; Writing by Fransiska Nangoy; Editing by Kanupriya Kapoor)