About Indonesian Palm Oil Exports

The country’s total palm oil exports dropped to 1.348 million metric tons in October from 1.358 million tons in September, the Indonesian Palm Oil Association said.

For the first 10 months of the year, the country’s exports jumped 16 percent to 12.76 million tons compared with the same period last year, according to the data released by Susanto, the head of marketing at Gapki. February-delivery palm oil gained as much as 2.3 percent to 2,475 ringgit ($733) a ton, and was trading on the Malaysia Derivatives Exchange in Kuala Lumpur at 2,464 ringgit at 4:11 p.m. on Monday.

India was the leading export destination followed by Europe and China, according to data from the association, known as Gapki. India imported 479,741 tons of Indonesian palm oil in October, 36 percent of the total shipments during the month, the data showed. “Low production of domestic oil seeds forced India to boost imports of vegetable oil, mainly from Indonesia,” Susanto said.

Exports to India for the first 10 months of the year totaled 4.634 million tons, 7.2 percent higher than during the same 10-month period last year, the data showed. Output may fall to 8.75 million tons, down from 9.1 million harvested last year and below the most recent US government estimate of 9 million tons, the agency said.

Soybean farmers in India may harvest 3.8 percent less than last year because of delayed planting and dry weather during the growing season, the US Department of Agriculture’s Foreign Agricultural Service said in a forecast issued on Thursday.

Meanwhile, India’s output of peanuts may fall 19 percent to 5.05 million tons, down from 6.25 million last year as planted acreage declined, according to the report. India imports mainly palm oil, the cheapest of edible oils.

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