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JAKARTA – Indonesia, the world's leading producer of palm oil, experienced a substantial year-on-year decline in its palm oil exports in May, with shipments dropping by 25.1%. Data released by the Indonesian palm oil association, Gapki, on Wednesday, July 15th, indicated that total exports, including refined products, amounted to 1.996 million metric tons for the month. This figure is significantly lower than the 2.664 million metric tons exported during the same period last year.
The nation's crude palm oil output in May reached 4.165 million metric tons, representing a 7% decrease from the production volumes recorded in April.
Despite this reduction in output, domestic palm oil stocks saw an upward trend. Inventories at the end of May swelled to 3.042 million metric tons, marking an 18.9% increase from the previous month. This rise in stockpiles is directly attributed to the considerable reduction in export volumes.
Source: The Edge Malaysia