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The Indonesian Palm Oil Association (Gapki) recorded that crude palm oil (CPO) production in October 2023 reached 4,523,000 tons, up 9.2% (month-to-month) from September 2023 production of 4,143,000 tons. In addition, palm kernel oil (PKO) production also rose 9.1% (mtm) from 394,000 tons in September 2023 to 430,000 tons in October 2023.
“Total domestic consumption in October 2023 reached 2,181,000 tons, up 10.2% from September 2023 consumption of 1,979,000 tons,” said Gapki Executive Director Mukti Sardjono in a written statement, Wednesday (20/12/2023).
The biggest increase occurred in biodiesel consumption which reached 1,160,000 tons. Meanwhile, the use of palm oil for food in October 2023 fell by 3.5% (mtm) to 835,000 tons. Consumption for olein also fell 2.1% to 186,000 tons in October 2023.
In terms of foreign trade, total palm oil exports in October 2023 rose 11.4% (mtm) to 3,001,000 tons. The largest export increase occurred in oleochemicals by 21.9% from 333,000 tons in September to 406,000 tons in October 2023. Furthermore, the second largest export increase was for processed CPO at 12.4% from 1,968,000 tons in September to 2,212,000 tons in October 2023.
CPO exports increased by 13.3% from 233,000 tons in September to 264,000 tons in October 2023. Meanwhile, exports of PKO and processed PKO decreased by 17.4% from 138,000 tons in September 2023 to 114,000 tons in October.
“With October’s initial stock of 3,103,000 tons, production of 4,953,000 tons, consumption of 2,181,000 tons and exports of 3,001,000 tons, the October 2023 ending stock is 2,874,000 tons which is lower than September’s ending stock of 3,103,000 tons,” he explained.
The crude palm oil (CPO) reference price for the period 16-31 December 2023 decreased by USD27.63 to USD767.51 per ton. The reference price decreased by 3.47% compared to the price in the period 1-15 December 2023 of USD795.14 per ton.
Source: Sindonews.com
