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Jakarta Post

Economy in brief: Palm oil exports drops3%

  • The Jakarta Post

Jakarta   /   Fri, November 9 2018   /  03:02 am

Indonesia’s palm oil exports declined by 3 percent in September to 3.2 million tons from 3.3 million tons in the previous month, the Indonesian Palm Oil Producers Association (Gapki) has said.“The decreasing price of crude palm oil [CPO] has failed to attract countries to export more CPO because the prices of other vegetable oils like soybean, rapeseed and sun flower oil have also decreased,” Gapki announced in a press statement issued on Wednesday.The price of soybeans had also dropped to its lowest price since 2007, the association said, adding that Brazil, the largest producer of soybeans, had cut its export tax on the commodity, further pushing down the prices of vegetable oil, including CPO.According to Gapki, the situation had sparked an increase of CPO stocks in Indonesia and Malaysia, the first and second largest CPO producing countries, respectively.Throughout September, t...