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.

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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.

Deliveries to 27 European Union countries led the increase in exports in July, followed by more shipments also to India, Pakistan and China.

On home turf, consumption of CPO dropped 13.1 percent over the month of July to 1.44 million tons, with the steepest drop seen in the use for biodiesel, followed by food and oleochemicals.

Meanwhile, CPO production dropped more than 9 percent in July to 4.05 million tons because of seasonal factors. However, the volume was still 4.6 percent higher than in the same month of 2020.