Indonesian palm oil exports in July 2021 rose by 35.34 percent to 2.742 million tons while in value it rose by 32.32 percent to reach $2.802 billion, the Indonesian Palm Oil Association (GAPKI) said.
GAPKI said that the highest increase, of 35.08 percent was for processed Crude Palm Oil (CPO) to reach 2.11 million tons while CPO exports rose by 104,000 tons to reach 150,100 tons. Year-on-year (YoY) up to and including July, the volume of export this year saw a slight decrease of 0.6 percent compared to the first seven months of 2020.
The export value of CPO products in July 2021 rose 32.32 percent compared to June, to reach $2.8 billion, buoyed by an increase in the average price of CPO from $1,054 in June to $1,124 per ton cif Rotterdam in July 2021, GAPKI said in a written statement obtained here Thursday (9/9).
The highest increase in export was recorded for the European Union-27, which saw its absorption of Indonesian palm oil rise by 139,200 tons to reach 509,700 tons. Exports to India rose by 1225,000 tons to reach 231,200 tons, to Pakistan it went up by 119,400 tons to reach 277,200 tons and to China exports increased by 104,100 tons to total 522.200 tons.
Meanwhile, domestic consumption went down by 13.1 percent in July compared to June 2021. July domestic consumption stood at 1,444,000 tons and the lower absorption was attributed mostly to a drop of biodiesel consumption which went down by 121,000 tons to reach 556,000 in July. Domestic consumption of palm oil for food also went down by 95,000 tons to 708,000 tons while for oleochemicals consumption only went down by 2,000 tons to just 180,000 tons.
However, year-on-year, domestic consumption still showed a 6.9 percent rise in 2021 compared to the same period last year.
CPO production in July reached .056 million tons or down 426,000 tons from June because of seasonal factors. Palm Kernel Oil production in July also went down from June’s 436,000 tons to 385,000 tons in July. The production trends in 2021, however, was still positive rising by a monthly average of 177.000 tons. Year-on-year, CPO production up until and including July was still 4.6 percent up from the same period last year.
Palm oil stocks by end of July had increased by 49,000 from June to reach 4.55 million tons.