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Indonesia’s palm oil output, exports seen higher in July

Indonesia’s palm oil output, exports seen higher in July

JAKARTA: Production and exports of palm oil from Indonesia, the world’s largest producer of the vegetable oil, rose in July from a month earlier, said a Reuters survey of two industry groups and a state palm oil research firm.

Palm oil production is expected to have reached 3.897 million tonnes in July from 3.45 million tonnes in June, according to the survey.

Exports of palm oil, widely used in variety of food and cleaning products, rose to 2.887 million tonnes from 2.48 million tonnes in June, the survey showed.

Survey respondents said they see healthy overseas demand for palm last month, such as from top buyer India.

In comparison, the Indonesia Palm Oil Association (GAPKI) reported palm and palm kernel oils exports of 2.81 million tonnes in July, up 23 percent from a month earlier and 17 percent on annual basis. Its figures often differ from numbers given by respondents in the regular Reuters survey.

Meanwhile, the survey showed domestic use of the vegetable oil was seen at 950,000 tonnes last month, down from 994,550 tonnes in June.

By end-July, palm oil stocks were estimated at 4.30 million tonnes.

Copyright Reuters, 2018

Source: Brecorder

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