Indonesia’s palm oil exports have been declining since the beginning of the year

Indonesia sold abroad 2.9 million tons of palm oil in the first 2 months of 2024, the country’s Ministry of Trade reported. Thus, in January, 1.89 million tons of these products were exported, in February – 1.01 million tons.

At the same time, according to the department, both indicators are inferior to the average monthly values for last year.

“Demand for palm oil has declined due to less competitive prices compared to competing oils,” said ministry spokesman Bambang Vishnubroto.

He added that key importing countries have opted to purchase more affordable types of oils, particularly soybean and rapeseed.

Tags: Indonesia, palm oil, imports