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Jakarta Post

Palm oil exports expected to improve next year amid global economic recovery

  • Eisya A. Eloksari

    The Jakarta Post

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Jakarta   /   Mon, December 21, 2020   /  04:17 pm
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Gapki secretary-general Togar Sitanggang said the association predicted that 36 million to 37 million tons of palm oil would be exported next year.(Shutterstock/mrfiza)

Indonesia, the world’s top palm oil producer, may see gradual growth in palm oil exports next year driven by an anticipated global economic recovery, the Indonesian Palm Oil Association (Gapki) has said, as industry players expect to produce more of the commodity. Gapki secretary-general Togar Sitanggang said the association predicted that 36 million to 37 million tons of palm oil would be exported next year. The prediction is much higher than Gapki’s 2020 forecast of 24.92 million tons, an 18 percent year-on-year (yoy) decline from last year, as main export markets such as European Union, China and India are impacted by the ongoing pandemic. “Our prediction is quite moderate. The beginning of the year might still mirror the current situation, and a slow upward trend in demand is expected to happen in the second half of next year,” said Togar during a vir...