Bisnis Indonesia, 1 December 2018
Indonesian palm oil stockpile was down to 4.41 million metric tons in October as domestic and export demand began to rise. Indonesian Palm Oil Association (Gapki) Executive Director Mukti Sardjono in an official statement on Friday (November 30) estimated national producers to produce 4.51 million metric tons palm oil in October 2018, up 2% from 4.41 million metric tons in September 2018. He said insignificant production increase, export increase, and biodiesel allocation, have reduced national palm oil stockpile.
National exports of crude palm oil (CPO) and its derivatives were up 5% to 3.35 million metric tons in October from 3.19 million metric tons in September. China’s CPO demand significantly increased to 541,810 metric tons in October 2018, up 63% from 332,520 metric tons in September. CPO export to Pakistan also posted a significant 76% increase from 140,160 metric tons in September 2018 to 246,970 metric tons in October 2018. Meanwhile, exports to US also recorded a significant 129% increase despite low volume, from 58,200 metric tons to 113,460 metric tons.