07/10/2016 (Tempo.co) - Indonesia’s palm oil exports reached 2.23 million tons in August, a significant improvement relative to July, according to the data from Indonesian Palm Oil Association (GAPKI).

The figure is 29 percent higher compared to July exports at 1.74 million tons. GAPKI executive director Fadhil Hasan said that greater demand for palm oil was sparked by concerns over depletion of palm oil stock in Indonesia and Malaysia.

“Palm oil exports were boosted. Markets were anticipating an increase in global palm oil prices due to rapid depletion of palm oil stock in Indonesia and Malaysia,” Fahil revealed Thursday in a written statement, as quoted by Bisnis.com.

In August, Indonesia’s palm oil stock was at 1.695 million tons, down 11 percent from previous month of 1.88 million tons.

The United States saw the most significant increase in demand, soaring by 183 percent from July's 47,730 tons to 135,150 tons in August. Palm oil exports to China demand rose by 69 percent to 267,980 tons, while exports to Europe jumped by 43 percent to 486,050 tons. India recorded 42 percent more export in August to 497,300 tons from July’s 351,240 tons.

In contrast, African and Middle Eastern countries saw a drop in export by 43 percent and 37 percent, respectively.