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Palm oil exports reach decade high: Gapki
Higher prices and volumes pushed Indonesian palm oil exports to around US$3 billion in May, which accounted for almost one fifth of the country’s total exports.
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Dusty path: Trucks carry oil palm fruits on Dec. 19, 2015, as they drive through a plantation owned by PT Wanasawit Subur Lestari in Pangkalan Bun, Central Kalimantan. Exports of palm oil products reached a decade high in May 2021. (Antara/Reno Esnir )
T
he value of Indonesian palm oil product exports reached a decade high in May as commodity prices rose in line with the economic recovery seen in numerous developed and emerging economies.
The average price of crude palm oil (CPO) on the Rotterdam market in terms of cost, insurance and freight (CIF) similarly reached a decade high at US$1,241 per ton.
At around $3 billion, palm oil products accounted for 18.5 percent of Indonesia’s total exports in May.
“The rise in exports was also supported by the 12 percent increase in volumes to 2.95 million tons [in May] from April,” the Indonesian Palm Oil Association (Gapki) reported in a press release published on Wednesday.
The biggest monthly increase in volume was seen in products derived from palm kernel oil (PKO), followed by derivative CPO products. Meanwhile, shipments of both CPO and crude PKO posted monthly contractions.
The rise in palm oil exports has been attributed to increasing economic activity in countries that have emerged from pandemic restrictions.
Read also: Calls mount for Indonesia to extend oil palm moratorium
