MARKET DEVELOPMENT
RI's CPO Export up 13% in March 2014
RI's CPO Export up 13% in March 2014
21/04/2014 (Jakarta Post) - Indonesia's crude palm oil (CPO) and its derivative products exports reached 1.79 million tons throughout March this year, or up by 13 percent compared to the previous month this year, influenced by increases in soybean price.
"The increasing price of soybean since February has made a number of vegetable oil importers see palm oil as a substitute," Indonesian Palm Oil Producers Association (GAPKI) executive director Fadhil Hasan said in Jakarta on Monday as quoted by kontan.co.id.
GAPKI data showed the average soybean price in February rose by 5 percent to US$876.66 from $ 831.35 per bushel in January. The price continued to increase until March by 6.3 percent to $ 925.54 per bushel.
He also said that CPO demand from African countries and Pakistan was significant even though the volume from China, India and European Union was larger.
In Pakistan alone, Indonesia exported 174,000 tons of CPO in March this year, a 197 percent increase compared to the previous month.
"The increasing price of soybean since February has made a number of vegetable oil importers see palm oil as a substitute," Indonesian Palm Oil Producers Association (GAPKI) executive director Fadhil Hasan said in Jakarta on Monday as quoted by kontan.co.id.
GAPKI data showed the average soybean price in February rose by 5 percent to US$876.66 from $ 831.35 per bushel in January. The price continued to increase until March by 6.3 percent to $ 925.54 per bushel.
He also said that CPO demand from African countries and Pakistan was significant even though the volume from China, India and European Union was larger.
In Pakistan alone, Indonesia exported 174,000 tons of CPO in March this year, a 197 percent increase compared to the previous month.