Indonesia increases coconut oil exports to 8-year high

The volume of global coconut oil exports in the first half of the year amounted to slightly more than 1.14 mln tonnes, which is about 2% lower than the level of the same period last year (1.16 mln tonnes), but almost 30% higher than in January-June 2021 (0.9 mln tonnes). These data were announced by analysts of the Hamburg-based analytical agency OilWorld (Germany) in their report.

According to their estimates, in the first 6 months of this year, sales from Indonesia increased by 20% to an 8-year high and reached 398 thousand tons. Experts note that the increase in exports allowed to keep the global sales of the product at a high level, as the Philippines reduced shipments from 661 thsd tonnes to 546 thsd tonnes.

“Global production and overseas shipments remained strong this year, despite an increase in Indonesian palm kernel oil exports and a general decline in global demand for lauric oils,” OilWorld (Germany) explained.

They also note that since January of this year, the EU countries have purchased the most coconut oil – 354 thsd tonnes (compared to the level of January-June 2022). The United States and China followed, reducing the imports to 208 thsd tonnes (-46 thsd tonnes) and 95 thsd tonnes (-28 thsd tonnes), respectively.

Tags: Indonesia, coconut oil