Mumbai, 03 Apr (Commoditiescontrol): The latest figures from the Indonesian Palm Oil Association (GAPKI) for January 2024 indicate significant changes in the country’s palm oil supply and demand equations. The data reveals a 5.90% increase in palm oil production, with the combined output of crude palm oil (CPO) and palm kernel oil (CPKO) reaching 4.634 million tons, up from 4.376 million tons in December 2023.
The export market experienced a robust growth of 14.32%, with exports amounting to 2.802 million tons, compared to the previous month's figure of 2.451 million tons. This surge is seen as a positive indicator for the industry, possibly fueled by growing international demand and the competitive pricing of Indonesian palm oil.
Imports remained negligible, with a marginal increase from zero to 0.005 million tons, indicating Indonesia’s continued self-reliance in palm oil production.
However, the data points to a contraction in domestic consumption, which fell by 2.61%, down from 1.995 million tons in December 2023 to 1.943 million tons in January 2024. This decrease might reflect shifting consumer preferences or an increase in domestic prices impacting consumption patterns.
Stocks have also taken a downturn, with a 3.34% decrease, signaling tighter supplies in the domestic market. The closing stock in January 2024 stood at 3.040 million tons, a drop from 3.145 million tons at the end of the previous month.
(By Commoditiescontrol Bureau; +91-9820130172)
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