Indonesia’s Jan palm oil exports slide 23.8% -GAPKI
Indonesia’s palm oil exports, including refined products such as oleochemical, were 2.18 million tonnes in January, down 23.8% from the same month last year, the Indonesian Palm Oil Association (GAPKI) said on Friday.
The January shipment – made before the world’s top palm oil producer capped exports – fell due to lower production, GAPKI said in a statement, with a drop in monthly purchase by China and Pakistan.
Compared to December, exports were down 11.4%.
Indonesia produced 3.86 million tonnes of crude palm oil (CPO) and about 0.37 million tonnes of palm kernel oil in January, GAPKI said, down from December’s output of 3.98 million tonnes of CPO.
January’s ending stock stood at 4.68 million tonnes, up from 4.13 million tonnes a month earlier.
In the first half of 2022, a supply gap in global edible oil is expected, GAPKI said, with Russia’s invasion of Ukraine affecting supply. Ukraine is a major sunflower and rapeseed producer.
To keep cooking oil prices under control at home, Indonesia in late January implemented export restrictions that have sent global palm prices to record highs.
Leading industry analysts this week said tight edible oil stockpiles and blocked shipments from the Black Sea area are expected to keep prices near record highs for the coming months, but sticker shock is expected to curb global consumption in the latter half of 2022.
Source: Reuters (Reporting by Fransiska Nangoy, Bernadette Christina Munthe Editing by Ed Davies, Martin Petty)