Indonesia to cut palm oil exports in 2024
Indonesia will ship about 29.5 million tons of palm oil to foreign markets this year, the nation’s GAPKI said Wednesday. They estimated exports would fall by about 2.5 percent to 2023 levels.
In contrast, production will rise by 2.26% to 54.4 million tons, according to the head of the industry association, Fadhil Hasan.
He estimates Indonesia’s palm oil reserves at 5.25 million tons by the end of 2024.
The February report of the US Department of Agriculture (USDA) says that global palm oil production in 2023/24 MY will be 79.46 million tons against 78.06 million tons a season earlier.
The market will traditionally be dominated by Indonesia and Malaysia with 47 million tons (46.5 million tons) and 19 million tons (18.387 million tons) respectively. Thailand, Colombia and Nigeria are also among the leaders – together they will produce 6.85 million tons in MY 2023/24 against 6.615 million tons in MY 2022/23.
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