Indonesia saw the exports of its palm oil products, which include crude palm oil (CPO), biodiesel and oleochemical, increase by 34 percent month-on-month to 2.45 million tons in October, thanks to rising demand from major export destinations.
In September, the world’s largest producer of palm oil shipped 1.89 million tons of products overseas.
Indonesian Palm Oil Producers Association (GAPKI) executive director Fadhil Hasan said exports to India had increased by 31.64 percent month-on-month (mom) in October to 608,510 tons, while exports to China were slightly up by 2.17 percent to 316,450 tons.
Exports to the European Union (EU) market, meanwhile, increased by 75.51 percent mom to 380,150 tons, not long after France revoked their CPO multiple taxes plan.
“The traders took the chance to buy at cheaper prices, as they were anticipating a possible price hike in November amid increasing demand ahead of Christmas and New Year,” Fadhil said in a statement on Wednesday.