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Indonesia's August palm oil exports at 4.33 million tonnes: Association

Indonesia's August palm oil exports at 4.33 million tonnes: Association

Worker loads palm oil fresh fruit bunches to be transported from the collector site to CPO factories in Pekanbaru, Riau province, Indonesia, Apr 27, 2022. (Photo: Reuters/Willy Kurniawan)

JAKARTA: Indonesia exported 4.33 million tonnes of palm oil products in August, data from industry group the Indonesian Palm Oil Association (GAPKI) showed on Tuesday (Oct 11), up from 2.71 million tonnes in July.

Indonesia's decision to waive levies on palm oil exports had helped "improved competitiveness of Indonesian palm oil products in global market amid stiff competition with other vegetable oils", GAPKI said in a statement.

On an annual basis, exports grew 1.4 per cent.

Meanwhile in August, the world's biggest palm oil exporter produced 4.31 million tonnes of crude palm oil and kernel oil, up from 3.8 million tonnes in July.

The jump in exports, however, has helped cut stocks to 4.04 million tonnes by the end of August, compared to 5.91 million tonnes a month earlier.

Source: Reuters/zl

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