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Jakarta Post

Export outlook of palm oil becomes gloomier

  • Rachmadea Aisyah

    The Jakarta Post

Jakarta   /   Sat, May 18 2019   /  01:53 am

The palm oil sector is taking a cautious stance toward its export outlook as a turbulent global economy and negative sentiment toward the commodity have taken a toll on palm oil prices. Statistics Indonesia (BPS) said early this week that the drop in global palm oil prices contributed to the country's historic US$2.5 billion trade deficit in April, which was the largest monthly deficit since 2013. The BPS noted that while crude palm oil (CPO) exports had increased in volume, they lost a lot of value because of price volatility. Its data shows that the country's CPO export value decreased 27.86 percent month-on-month to US$919 million from $1.27 billion in March.“The export value [of CPO] to a few countries improved, such as to China, but the value decreased in other countries like India, Pakistan, Bangladesh and Egypt. It decreased even further [in shipments] to Russia and Spain,” BP...