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Indonesia Palm Oil exports seen down in September
Commodity Online | October 20 2017
UPDATED 09:55:00 IST

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Indonesian exports of Crude Palm Oil likely inched down in September from the month before, while output in the world's top producer of the commodity increased, according to a survey by Reuters.

Shipments of Crude Palm Oil (CPO) likely eased to 2.69 million tonnes in September from 2.71 million tonnes in August, the survey showed.

The drop in shipments came after key buyer India in mid-August doubled import duty on the vegetable oil to 15 percent, Indonesia's Vegetable Oil Association (GIMNI) said.

Production was expected to have increased to 3.63 million tonnes from 3.59 million tonnes a month earlier. Meanwhile, local consumption in the Southeast Asian nation likely climbed to 915,000 tonnes in September from 890,000 tonnes in August, according to the survey median.

Domestic stockpiles likely dropped to 2.4 million tonnes from 2.6 million the previous month. Indonesian Palm Oil Association (GAPKI) data showed the country exported 2.98 million tonnes of palm oil and palm kernel oil in August.

 

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