Indonesia. Palm oil producers revise up palm oil production, stock data

28.03.2017

The Indonesian Palm Oil Producers Association (GAPKI) has revised the 2016 palm oil production and stock figures. According to the revised figures, production stood at 35.57 million tons and stock at 3.57 million tons, from 34.5 million tons and 1.07 million tons, respectively, as reported previously.

The 35.57 million tons of production consists of 32.52 million tons of crude palm oil (CPO) and 3.05 million crude palm kernel oil (CPKO).

“The revision is based on data collection and field surveys with various related associations,” said GAPKI executive director Fadhil Hasan in a recent press statement.

Stock as of January, meanwhile, decreased to 2.85 million tons amid an increase in exports and decline in production.

Total exports in January increased by 2 percent to 2.84 million tons from 2.78 million tons in December 2016, while production declined by 9 percent to 2.86 million tons from 3.15 million tons in the corresponding period.

Exports to India and Africa increased significantly on a monthly basis by 30 percent and 88 percent to 676,170 tons and 207,980 tons, respectively, in January. Exports to Europe, Bangladesh and Pakistan also increased by 15 percent, 8 percent and 6 percent.

Exports to China, in contrast, dropped by 48 percent month on month (mom) to 316,750 tons amid increasing use of soybean oil. Exports to the Middle East and United States dropped by 29 percent and 21 percent, respectively.

GAPKI predicts that the CPO price will hover around US$720 to $750 per ton in this month end after reaching $722.5 to $765 per ton during the first two weeks of this month.


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