Indonesia’s Feb palm oil exports at 2.17 mil tonnes

 Indonesia exported 2.17 million metric tonnes of palm oil products in February, down 25.6% from the same month last year, data from the Indonesia Palm Oil Association, the country’s biggest industry group, showed on Tuesday.

In February, the world’s biggest palm oil exporter produced 3.88 million tonnes of crude palm oil. Inventories rose to 3.26 million tonnes by the end of the month.

In the first two months of the year, palm oil faced stiff price competition from other edible oils such as sunflower and rapeseed oils, affecting demand from markets such as India.

“If the other oils are cheaper, automatically they (buyers) will switch to the cheaper products,” Gapki chairperson Eddy Martonneo told reporters.