Photo: Collected
The production of CPO in December 2024 reached 3,876 thousand tons, which was 10.55% lower than the production in November 2024 at 4,333 thousand tons. The production of PKO also decreased to 361 thousand tons from 412 thousand tons in November 2024. As a result, the total production of CPO in 2024 amounted to 48,164 thousand tons, while the total production of PKO at 4,598 thousand tons. Totally, production of CPO and PKO during 2024 reached 52,762 thousand tons, which was lower by 3.80% compared to production in 2023 at 54,844 thousand tons.
Total consumption of CPO and PKO during December 2024 reached 2,187 thousand tons, which was higher than that in November 2024 at 2,030 thousand tons. The increase in consumption was seen for foods, biodiesel, and oleochemical.
During 2024, the total consumption of foods reached 10,205 thousand tons, which was lower by 0.90% than the consumption in 2023 at 10,298 thousand tons. The consumption of oleochemicals reached 2,207 thousand tons, which was lower by 2.69% than 2,268 thousand tons in 2023. The consumption for biodiesel reached 11,447 thousand tons, which was higher by 7.51% than 10,647 thousand tons in 2023. Overall, the total consumption in 2024 reached 23,859 thousand tons, which was 2.78% higher than the consumption in 2023 at 23,213 thousand tons.
Total exports in December 2024 reached 2,060 thousand tons, which was 21.88% lower than the exports in November 2023 at 2,637 thousand tons. The biggest drop in exports was seen in India at 246 thousand tons, followed by exports to China at 39 thousand tons. Year to year, the exports declined by 2,680 thousand tons from 32,215 thousand tons in 2023 to 29,535 thousand tons in 2024. The biggest drop was seen in China at 2,381 thousand tons, in India at 1,136 thousand tons, and in Bangladesh, Malaysia, the USA, and the EU in smaller quantities. The biggest increase was seen in Pakistan at 486 thousand tons and in the Middle East at 164 thousand tons, while Russia and several other countries rose but in smaller quantities.
The export value in 2024 reached US$ 27.76 billion (Rp 440 trillion), which was 8.44% lower than the exports in 2023 at US$ 30.32 billion (Rp 463 trillion). The decrease in export value was seen in all products except oleochemical, although in average prices of FOB in US$/ton all products saw an increase.
With such production, consumption, and exports, the stock of CPO and PKO by the end of 2024 reached 2,577 thousand tons, which was 18.06% lower than the final stock by the end of 2023 at 3,145 thousand tons.
Considering the trend of local production and consumption, especially with regard to the use of biodiesel, and the trend of price and supply and demand of global vegetable oils, Indonesia’s palm oil production is projected to reach 53.6 million tons, consumption to 26.1 million tons, including for biodiesel 40 percent (B40) at 13.6 million tons. As a result, exports are projected to decrease to 27.5 million tons, which is lower than exports in 2024 at 29.5 million tons. (*)
Source: Online/GFM
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