China may increase purchases of palm oil from Indonesia to 7 million tons by the end of 2023, according to the chairman of the national association GAPKI Eddie Martono. According to him, local exporters have already sent 3.35 million tons of “palm” to the Middle Kingdom in the first half of the year.
According to the industry association, in 2020 shipments of this product to China amounted to 6.17 million tons. In 2021, an increase to 6.65 million tons was recorded, and in 2022, again a decline to 6.35 million tons.
“Our palm oil exports to China are expected to increase to 7 million tons in 2023 and at least 8 million tons next year,” Martono said. The expert attributed the increase in sales to the recovery of the Chinese economy after the Covid-19 pandemic.
“Despite this, we must continue to work with the government to find new markets,” the GAPKI leader emphasized.
The association also noted that palm oil exports from Indonesia grew 35.5% to 16.31 million tons in January-June 2023.
“Growing demand from China, India, Pakistan and Bangladesh has led to an increase in these figures,” the industry association added.