Indonesia’s May palm oil stocks decline as exports surge

Indonesia’s palm oil stocks at the end of May had contracted by 4.27% from the previous month to 2.9 million metric tonnes, after a surge in exports, data from the Indonesia Palm Oil Association (Gapki) showed on Wednesday.

Indonesia, the world’s largest palm oil producer, exported 2.66 million tonnes of palm oil, including refined products, in May, jumping nearly 50% compared to April, as a result of rising demand from India and China.

Outbound palm oil shipments rose 35.64% annually.

Crude palm oil output stood at 4.17 million tonnes in May, down from 4.48 million tonnes in the previous month, but up 7.2% annually.