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Indonesia's Palm Oil Exports Decline in November 2024, Stocks Increase



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Indonesia's Palm Oil Exports Decline in November 2024, Stocks Increase

InfoSAWIT, JAKARTA - The Indonesian Palm Oil Entrepreneurs Association (GAPKI) reported an 8.69% decline in total palm oil exports in November 2024, dropping from 2.888 million tons in October to 2.637 million tons. This decrease equates to 251 thousand tons and primarily affects processed palm oil (PO) and crude palm oil (CPO).

“The largest decline occurred in processed PO products, which fell by 197 thousand tons from 2.071 million tons in October to 1.874 million tons in November, while CPO exports decreased by 112 thousand tons to 233 thousand tons,” said GAPKI Executive Director Mukti Sardjono in an official statement reported by InfoSAWIT on January 26, 2025.

The decline in export volume also impacted export value, which slightly decreased from US$2.943 million in October to US$2.904 million in November. This occurred despite the average international palm oil price rising from US$1,203/ton to US$1,308/ton CIF Rotterdam during the same period.

According to GAPKI's report, the largest decline in exports by destination country occurred in India, which saw a significant drop of 310 thousand tons to 420 thousand tons. Other declines were noted in the Netherlands, down 72 thousand tons to 59 thousand tons, and Egypt, down 52 thousand tons to 75 thousand tons.

However, some countries recorded an increase in export volume. Pakistan experienced an increase of 132 thousand tons to 370 thousand tons, and exports to China rose by 70 thousand tons to 510 thousand tons in November 2024.

Overall, a production decline of 2.03%, domestic consumption down 2.54%, and an 8.69% drop in exports led to a slight increase in national palm oil stocks. The end stock in November was recorded at 2.583 million tons, up from 2.502 million tons at the end of October.

Despite these dynamics in exports, the decline in demand from major markets like India raises concerns. Amid these challenges, the increase in average palm oil prices offers a glimmer of optimism for industry players to maintain export performance stability moving forward. (T2)


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