Palm Oil Exports to the US Surge Significantly

Shipment of crude palm oil (CPO) from Indonesia to the United States surged significantly by 129% from 58.20 thousand tons in September 2018 to 133.46 thousand tons in October 2018. The percentage is significant and substantial although the volume is not fairly high compared to other destination. “In percentage terms, it was a significant rise, by 129%,” Executive Director of the Indonesian Palm Oil Association (Gapki) Mukti Sardjono said on his statement, Saturday (8/12/2018). Gapki recorded that export also rose to China and Pakistan. In October 2018, China increased palm oil import from Indonesia by 63% from 332.52 thousand tons in September to 541.81 thousand tons, not included biodiesel import. Meanwhile, palm oil shipment to Pakistan in October 2918 hit record high since October 2015 by 76% from 140.16 thousand tons to 246.97 thousand tons. Pakistan took advantage of current low price to stock up. Over the last few months, Pakistan palm oil import slowed down because of economic stagnation due to high trade deficit. However, palm oil export from Indonesia to India declined by 12%, despite the fact that India remains largest palm oil importer from Indonesia in terms of volume. In October 2018, CPO and its derivatives import volume reached 698.17 thousand tons, lower than 779.44 thousand tons in the previous month. Import also declined to the European Union by 8% and to some African countries by 40%. ***