The Jakarta Post
Indonesia’s palm oil exports to China have plummeted by half in volume amid global uncertainties, an industry source has said.
The Indonesian Oil Palm Association (GAPKI) said in a statement on Tuesday that China’s export volume fell by 381,000 tons or 57 percent. This contributed to a sharp drop in the country’s total palm oil exports, which declined by 35.6 percent to 2.39 million tons in January from 3.72 million tons in December 2019.
“The drastic export decline in January could be because importing countries were still holding on to their stock while waiting for the Indonesia government to implement its 30 percent blended biodiesel [B30] program,” the association said in the statement.
Should the decline continue, overall export performances could be dragged down in 2020 as palm oil has remained the country’s top export. The palm oil industry is one ...