InfoSAWIT, JAKARTA – In March 2024, palm oil exports from Indonesia significantly increased. The total export got increased 18,21%, from 2.166 thousand tons in pada February to be 2.560 thousand tons in March. The biggest happened in crude palm oil (CPO) exports that increased 114,73%, from 152 thousand tons in February to be 327 thousand tons in March. Besides, oleochemical exports did increase 17,91%, from 364 thousand tons to be 429 thousand tons, and CPO product exports increased 12,20%, from 1.495 thousand tons to be 1.677 thousand tons.

But some products also got decreased. Palm kernel oil (PKO) exports drastically decreased 98,73%, from 15 thousand tons in February to be only 0,19 thousand tons in March.

“Biodiesel exports did decrease 54,54%, from 11 thousand tons to be 5 thousand tons, and PKO product exports got decreased 5,69%, from 129 thousand tons to be 121 thousand tons,” Executive Director of Indonesian Palm Oil Association (IPOA) Mukti Sardjono said, as in the official statement to InfoSAWIT, Wednesday (29/5/2024).

In a whole, March 2024 export increased 4,47%, from US$ 2,08 billion in February to be US$ 2,17 billion. It happened for the better CPO price, from US$ 965/ton to be US$ 1.042/ton.

“The biggest increasing volume from February to March was to India that increased 216 thousand tons to be 456 thousand tons. Exports to Bangladesh did signifincatly increase 128 thousand tons to be 162 thousand tons, and China got escalated 121 thousand tons to be 447 thousand tons,” Mukti noted.

On the other hand, the decreasing export volume happened in the United States of America (USA) that reached 74 thousand tons to be 129 thousand tons, European Union reached 24 thousand tons to be 317 thousand tons, and Malaysia reached 37 thousand tons to be 52 thousand tons.

Year on year (YoY), until March 2024 to 2023, exports to Pakistan got escalated 68,49%, to be 741 thousand tons from 440 thousand tons in 2023. The exports to India did increase 3,62%, to be 1.223 thousand tons to 1.180 thousand tons in 2023. But the exports to China decreased 4,2%, European Union did decrease 3%, and USA did too 1,16%.

With the early stock in March that reached 3.264 thousand tons; CPO and PKO production reaching 4.493 thousand tons; domestic consumption about 1.898 thousand tons, and the exports about 2.560 thousand tons, the final March 2024 stock would be 3.300 thousand tons, escalated 1,09% to February 2024 stock. (T2)