Indonesia’s palm oil stocks rose 14% in January due to falling exports
Indonesia’s palm oil stocks at the end of January rose 13.98% from the previous month despite a drop in production as exports fell to a four-month low, according to data released Thursday by the Indonesian Palm Oil Producers Association (GAPKI).
Indonesia, the world’s largest palm oil producer, exported 1.96 million metric tons of palm oil products, including refined palm oil and oleochemicals, in January, down from 2.06 million tons shipped in December. Exports fell 30% from a year earlier.
The drop in exports was due to lower demand from major buyers including India, China and Pakistan, GAPKI said in a statement.
Indonesia’s crude palm oil production in January was 3.83 million tons, slightly lower than the 3.88 million tons produced in December.
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