JAKARTA (RAMBUENERGY.com) – Indonesia’s crude palm oil (CPO) and derivative products exports reached 1.74 million tons in July, fell 8 percent from previous month of 1.89 million tons.
Derivative products include biodiesel and oleochemical. The decline was compensated by a rise in domestic CPO consumption, driven by the production of biodiesel, which reached 250,000 kiloliters per month.
The exports decline was due to weaker demand from export desination countries. Director Executive of Indonesian Palm Oil Producers Association (GAPKI) Fadhil Hasan said Indonesia intentionally did not push CPO exports as domestic demand was on the rise. The decline of exports followed the trend in the previous months.
CPO exports to CHina fell 39 percent to 158,790 from 259,940 in June, exports to US dropped by 49 percent to 49,730 tons from 92,870 tons in June, while exports to Pakistan and Bangladesh also declined by 46 percent and 37 percent respectively.
On the other hand, CPO exports to EU increased to 340,370 tons from 257,400 tons in previous month, or up 32 percent from June.
CPO price stood at US$700 per metric tons in first week of August and began to pick up in the remaining weeks of August and rose to as high as US$780 per MT. (*)