Indonesias palm oil exports increase by 25 percent

Jakarta (ANTARA News) – Indonesias exports of palm oil during the first semester of 2017 had increased by 25 percent as compared to the same period in 2016, according to the Indonesian Palm Oil Association (GAPKI).

The exports of crude palm oil, palm kernel oil, and its derivatives, including oleochemical and biodiesel, have reached 16.6 million tons during the first semester, as compared to 12.5 million tons in the same period in 2016, GAPKI Executive Director Fadhil Hasan noted in a statement here, Wednesday.

“Production during the first semester of 2017 has yet to reach its maximum level due to last years El Nino,” Hasan noted.

Exports to main destination countries have also shown a significant increase. Exports to India have increased by 43 percent, from 2.6 million tons to 3.8 million tons.

The association has also recorded a significant rise in exports to Europe despite the imposition of a trade barrier on commodities, following the issuance of the European Parliament resolution on palm oil in March.

Exports to Europe during the first semester of 2017 had reached 2.7 million tons, as compared to 1.9 million tons recorded in the corresponding period in 2016.

Hasan said the association has also recorded an increase of 36.5 percent in exports to African nations followed by Bangladesh at 29 percent, the US at 27 percent, and China at 18 percent.

However, exports to Pakistan had declined by five percent, from 1.1 million tons in the first semester of 2016 to 1.05 million tons in the corresponding period in 2017, while exports to the Middle East had also recorded a decline of 12 percent.

During the first semester of 2017, GAPKI, in cooperation with other palm oil associations, had conducted a survey on the palm oil stocks to obtain accurate data.

Based on the survey, Hasan said, Indonesia has adequate palm oil stocks in the companies silos, and it will need to adjust data on the commoditys stocks.

The countrys palm oil stocks in the first semester of 2017 had reached 2.32 million tons.

Source: Antara News