During July 2017, Palm Oil Exports In Some Countries Increase Significantly
By : Hariyanto And Aldo Bella Putra | Monday, September 18 2017 - 19:00 IWST
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INDUSTRY.co.id - Jakarta - During July 2017, Indonesia's palm oil (CPO) exports increased. CPO demand in a number of export destination countries has increased significantly, including African countries, China, Pakistan and the Middle East.
Fadhil Hasan Executive Director of the Association of Indonesian Palm Oil Companies (GAPKI) said African countries recorded a 54% increase in demand compared to June from 143.86 thousand tons to 222.07 thousand tons while China posted a 53% increase in demand of 109.08 thousand tons in June increased to 167.28 thousand tons in July 2017.
In addition to the African Countries and China, Pakistan also posted a 34% increase or from 154.41 thousand tons in June to 206.47 thousand tons in July.
The Middle East countries also saw a 14 per cent increase. "Cheaper prices are one of the reasons for Pakistan's increasing imports of palm oil," Fadhil said.
On the other hand, India usually will buy large quantities when prices are low, this time stagnant. This is due to the accumulation of biofuel availability of both palm oil and soybeans, where sellers have bought in large quantities in the previous month as a precautionary measure from the Indian government that will raise import tariffs of edible oil.
Demand stagnation is also experienced in EU countries, where demand is only up 1% in July compared to the previous month.
In contrast, the United States recorded a decrease in palm oil demand from Indonesia by 15% or from 99.93 thousand tons in June fell to 84.61 thousand tons in July.