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Mumbai, Aug 29 (Commoditiescontrol):Indonesia witnessed a substantial increase in its palm export volumes for the first seven months of 2023, with a growth of 27.56% compared to the same period in 2022. A total of 14.754 million tons were exported, although this was slightly below the 15.284 million tons reported in 2021.
A key driver of this recovery has been the additional shipment of 1.40 million tons to China in the specified seven-month period, marking a remarkable boost compared to the previous year's figures. These statistics come from the cargo surveyor ITS data.
RBD palm olein, the most imported palm product, which constitutes 54% of the total volume, saw an impressive rise by 970,391 tons - a threefold increase from January-July 2022. The heightened demand from China has been influenced by the attractive palm discount to bean oil, recorded at US$200 in July and US$220 in June. China's purchases come in anticipation of increased consumption during their Mid-Autumn Festival on 29th September and the Golden Week festival running from 1st to 7th October. These celebrations, which include grand meals with family members, are expected to be particularly significant this year as they follow a two-year gap due to COVID-19 restrictions.
In comparison, Malaysia's palm exports to China also saw an upturn, with a 29.49% rise amounting to 804,339 tons in the first seven months of 2023. However, their export of palm olein remained relatively steady, recording a figure of 355,549 tons.
Taking a broader view, in 2019, both Malaysia and Indonesia combined exported 7 million tons of palm products to China. While there was a recovery in 2020 and 2021, the total volume decreased to 5.489 million tons in 2022. Currently, January-July combined exports stand at 3.494 million tons, showing an increase of 80.62% compared to the same time frame in 2022.
(By Commoditiescontrol Bureau; +91-9820130172)
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