Despite Rising Prices, Palm Oil Exports Fall in February 2022
International crude palm oil (CPO) prices have increased since the beginning of 2022. Citing the records of the Indonesian Palm Oil Association (GAPKI), the average CPO price of CIF Rotterdam in January 2022 was at the level of US$1,358 per tonne. Then in February 2022 the price increased to US$1,522 per tonne.
Although the price moved up, during this period Indonesia's palm oil exports actually decreased. According to GAPKI data, the total volume of Indonesian palm oil exports in February 2022 was 2.09 million tons. This figure decreased by 3.7% from the export volume in January 2022, which amounted to 2.17 million tons.
Its export value also fell 0.6%, from initially US$2,816 million in January 2022, to US$2,799 million in February 2022.
Palm Oil Export Destination Countries February 2022 Based on GAPKI data, the volume of palm oil exports fell most significantly for Africa and the Philippines. Exports to Africa decreased by 54 percent on a monthly basis to 134.7 thousand tons in February 2022. Meanwhile, exports to the Philippines fell 55 percent to 28.7 thousand tons in the same period. Exports to Russia also fell 7.8% to 64.2 thousand tons, while exports to Ukraine tended to fluctuate. In 2021 the average volume of palm oil exports to Ukraine will reach 25 thousand tons per month. However, in January 2022 the number fell drastically to 256 tons, then increased again in February 2022 to 15.28 thousand tons.
There are also a number of other countries whose export demand has soared. Palm oil exports to the Netherlands rose 42.21% on a monthly basis to 184.41 thousand tons in February 2022. Exports to China rose 21.7 percent to 240.3 thousand tons. Then exports to Bangladesh recorded an increase of 43.9% to 126 thousand tons, and to Malaysia rose 27.2% to 229.5 thousand tons.
When viewed from the type of product, the palm oil exported by Indonesia in February 2022 consisted of 27 thousand tons of CPO and 1.68 million tons of processed CPO. Then exports of crude palm kernel oil (CPKO) 4 thousand tons, processed CPKO 75 thousand tons, biodiesel 7 thousand tons, and oleochemicals 298 thousand tons.
Here's a little info from me about the price of palm oil and exports, even though the price of palm oil has soared, exports have actually decreased.
