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CPO export declines by 8.3% due to competition with soybean oil

13 July 2020 07:15

JAKARTA. The Indonesian Palm Oil Association (GAPKI) announced an 8.3% decline in export volume of palm oil (CPO) to 2.43 million tons in May 2020, from 2.65 million tons recorded in April 2020.

Mukti Sardjono, Executive Director of GAPKI, said the decline was caused by the slow export of processed CPO. In addition, the decline in exports was also influenced by price competition between CPO and soybean oil. "Generally it is caused by the small difference between the price of palm oil and soybean oil," Sardjono said on Sunday (12/7) yesterday to idnfiancials.com.

GAPKI noted that exports to China declined by 21% to 87.7 thousand tons, while exports to other destinations also declined, including the European Union (16.62% to 81.5 thousand tons), Pakistan (23.4% to 47 thousand tons), and India (9.2% to 38.6 thousand tons).

On the other hand, domestic demand also declined by 1.64% to 1.38 million tons. Meanwhile, the average CPO price continued its downward trend to US$ 526 per tonne-Cif Rotterdam. (KR/AR)

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