Indonesia’s palm oil, derivatives exports increase by 244 million USD in July
Indonesia’s exports of palm oil and its derivatives in July 2020 increased by 15 percent or 244 million U.S. dollars to 1.86 billion U.S. dollars compared to those in the previous month, an association said Monday.
The export value in July contributed 13.6 percent to the national export value which was recorded at 13.3 billion U.S. dollars, Executive Director of the Indonesian Palm Oil Association (IPOA) Mukti Sardjono said in a statement as quoted by Antara news agency here Monday.
“The increase was supported by the hike in the crude palm oil (CPO) price from the average 602 U.S. dollars CIF Rotterdam in June to about 659 U.S. dollars in July,” Sardjono said.
The volume of the exports of palm oil and its derivatives in July also rose from 2.76 million tons to 3.13 million tons, due to the rise in the exports of CPO processed products, he said, adding that the exports of CPO processed products increased from 1.6 million tons to 1.96 million tons.
He said China and the Middle East became the main markets of the exports.
He pointed out that the palm oil export in July to China was up by 188,000 tons to 629,000 tons, and that to the Middle East increased by 107,000 tons to 273,000 tons.
Despite July’s increase in the export volume, on the yearly basis, it decreased in the January-July period of this year. The total palm oil exports in the period reached 18.63 million tons, or 1.19 million tons, lower than those in the same period of last year.
“The export of the commodity to China in 2020 totaled 2.63 million tons or only about 61 percent of that in the previous year which amounted to 4.28 million tons,” he said.