About 3 million tons of palm oil were sold from Indonesia to foreign markets in January 2023 – this is 7% higher than in December 2022 and 35% more than in January 2022. It is reported by Reuters, citing data from analysts of the national association GAPKI.
Against the background of an increase in sales abroad in the domestic market, stocks of “palm” also decreased – for the month by 13%, to 3.1 million tons (-34% by January 2022).
Palm oil production in Indonesia in the specified month is estimated at 4.3 million tons (-11% per month; + 1% per year).
The day before, GAPKI predicted that the supply of Indonesian “palm” abroad may decline in 2023, as the country began to use the product in the production of biodiesel.
“There is a shift in the structure of demand: from exports to an increase in domestic consumption, which shows significant growth due to the introduction of the mandatory B35 program,” Fadhil Hassan, head of THE trade and promotion department of GAPKI, said earlier.
The Indonesian government’s decision to raise the mandate is linked to plans to reduce fuel imports amid high global energy prices.
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