Indonesia to cut palm oil exports in 2024 – GAPKI
Indonesia may export about 29 million tons of palm oil this year, which is 4% below the level of 2023, Nasdaq reported, citing the forecast of the national association GAPKI.
Eddie Martono, chairman of the industry association, said on Monday that production in the period under review is expected to grow by no more than 5% by 2023. He did not cite data for last year.
A January report by the U.S. Department of Agriculture (USDA) said global palm oil production in MY 2023/24 will be 79.464 million tons compared to 77.563 million tons a season earlier.
The market will traditionally be dominated by Indonesia and Malaysia with 47 million tons (46 million tons) and 19 million tons (18.387 million tons) respectively. Thailand, Colombia and Nigeria are also among the leaders – together they will produce 6.85 million tons in MY 2023/24 against 6.615 million tons in MY 2022/23.
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