Exports of palm oil products in October rose by 9.5 percent compared to September to reach 3.028 million ton worth $2.073 billion, or 10.7 percent higher than in the previous month, the Indonesian Association of Palm Oil Producers (GAPKI) said Tuesday (15/12.)
Export of oleochemical products saw the highest rise at 30.3 percent in October to reach 408,000 tons while palm oil products rose by 10.7 percent to reach 1,956,000 tons, GAPKI said in a press release.
Year-on-year (YoY) up to and including October 2020, export volume for the first 10 months of the year was still 10.8 percent lower than for the same period in 2019 but value wise, it was at $676/ton compared to the average of $535/ton (cif Rotterdam) for the same period in the previous year.
Based on destination countries, exports to India rose by 36.86 percent to 481,690 tons in October, while exports to the United States rose by 41.68 percent to 150,630 tons. The European Union absorbed 10.56 percent more at 38,090 tons, Pakistan 19.35 percent more at 33,680 tons, the Middle East saw its imports rose by 14.53 percent to 22,910 tons while exports to China only rose by 0.62 percent or 4,020 tons.
Exports Bangladesh only went down by 1,130 tons or down 1.3 percent while exports to Africa also weakened by 51,170 or 17.9 percent.
October production stood at 4.768 million tons, or up 0.9 percent from September. Year on year, up to and including October, production was still 2.3 percent lower that for the same period in 2019. But even though still in the red, the YoY deficit up and including October had showed a consistent improvement.
Total domestic consumption stood at 1.476 million tons or two percent up from September. Consumption by the food industry rose by 3,7 percent to 692,000 tons.
Consumption for biodiesel in October stood at 599,000 tons or 4.9 percent down from September, possibly because of slowing population mobility as a result of the COVID-19 Pandemic.
Food consumption that reached 667,000 tons in October, had consistently risen since June although in total had yet to reach pre COVID-19 Pandemic levels which in February stood at 786,000 tons. Oleochemical consumption reached 181,000 tons or 22.5 percent up from September.
The trends in exports, domestic consumption and in prices that appear to be on a continuous rise will boost the role of the palm oil industry in the economy of the country and the income of growers.