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CPO exports decline in October
Indonesian exports of crude palm oil (CPO), mainly to Pakistan and India, recorded a significant decrease in October.
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An oil palm plantation in Dumai, Riau (Antara Photo/Rony Muharrman)
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ndonesian exports of crude palm oil (CPO), mainly to Pakistan and India, recorded a significant decrease in October. The two countries, along with China, are major importers of the commodity.
Indonesian Palm Oil Producers Association (Gapki) secretary-general Togar Sitanggang said in a statement issued on Monday that total CPO exports in October was 2.6 million tons, or 5.6 percent less than in September.
Because of the decline in export, the country's CPO reserves was 3.38 million tons in October, or a 16 percent increase from September's reserves, kontan.co.id reported.
Read also: Malaysia and Indonesia will counter discriminative policy by EU on palm oilCPO exports to Pakistan decreased to 423,740 tons in October, a 32 percent month-on-month decrease, said Togar, adding that the decrease was caused by an increase in soybean exports, the main competitor to crude palm oil.
CPO exports to India decreased to 544,170 tons, a 16 percent month-on-month decrease, because Indonesia imposed a high import duty on the commodity, he said, adding that India had also turned to soybean oil.
Meanwhile, Indonesia's CPO exports to China recorded a 14 month-on-month increase to 423,740 tons in October.
Togar added that the CPO was priced US$724.9 per metric tons.
Togar was optimistic that the CPO export volume would recover soon, as he expected global demand for CPO would increase in relation to the decrease in the global supply of soybean oil. (bbn)
