The value of Indonesian palm oil product exports rebounded in July thanks to a higher price for the commodity used in a wide range of products, from soap and cosmetics to food and fuel.

Exports rose more than 15 percent within the month of July to US$2.8 billion, which comes after a 30 percent drop to $2.1 billion in June. The July shipments accounted for 15.8 percent of Indonesia’s overall exports that month.

The average price of crude palm oil (CPO) on the Rotterdam market recorded in cost, insurance and freight (CIF) reached $1,124 per ton in July, up more than 6 percent from the preceding month.

“[Marked conditions] were supported by the rise in the average price of CPO,” the Indonesian Palm Oil Association (GAPKI) said in a statement released on Thursday.

Read also: Palm oil exports reach decade high $3 billion in May

The increase in exports seen in July was driven mostly by biodiesel shipments, which rose almost fourfold, followed by CPO exports, which more than doubled, while palm kernel oil (PKO) derivatives and CPO derivatives were also in higher demand.

Palm oil exports in July reversed the drop in June, when many countries cut import volumes due to high domestic stocks.

Popular

RI, Australia strengthen partnership on taxing crypto assets

Analysis: Indonesia denies normalization with Israel to enter OECD

Citroen to produce electric cars in Indonesia