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Palm Oil Exports from Indonesia in January 2024 Reached US$ 2,304 Billion

Doc. InfoSAWIT
Palm Oil Exports from Indonesia in January 2024 Reached US$ 2,304 Billion

InfoSAWIT, JAKARTA – In January 2024, palm oil exports from Indonesia hit the target that reached US$ 2,304 billion. This was the significant leap up to 10,63% from the previous month or December 2023 that only reached US$ 2,082 billion.

Executive Director of Indonesian Palm Oil Association (IPOA), Mukti Sradjono said that one main factor that increased the export numbers was crude palm oil (CPO) average price.

“According to Oil World, CPO got better from US$ 944 to be US$ 958 per ton Cif Rotterdam. It delivered impacts not only to export value but also plantation sector’s income in Indonesia,” Mukti said, as in the official statement to InfoSAWIT, Saturday (30/3/2024).

IPOA reported that the latest data showed that CPO stock in January reached 3,146 million tons. CPO and palm kernel oil (PKO) production reached 4,634 million tons. On the other hand, the consumption in this country reached 1,942 million tons and the exports reached 2,802 million tons.

“It means, the stock by the late of January 2024 would be at about 3,040 million tons,” he said.

The increasing export values positively encouraged the economy in Indonesia, particularly in facing the economic challenges in the world. Though the exports escalated namely from CPO increasing average price, it is significant for the government and stakeholders to escalate export volume. (T2)