Palm Oil Production Declines in Indonesia: CPOPC

22-Feb-2025 03:02 PM

Palm Oil Production Declines in Indonesia: CPOPC
★ According to the Council of Palm Oil Producing Countries (CPOPC), Indonesia's palm oil production in 2024 stood at 480 lakh tons, down from 500.7 lakh tons in 2023.
★ In Malaysia, palm oil production increased from 185.5 lakh tons in 2023 to 193.5 lakh tons.
★ Indonesia's B-40 biodiesel program led to higher domestic consumption of palm oil.
★ Due to declining production and rising domestic consumption in Indonesia, palm oil prices have increased. Argentinian soybean oil is now $70/ton cheaper than Malaysian palm oil and $110/ton cheaper than Indonesian palm oil.
★ Continuous export duty hikes by Indonesia have widened the price gap between soybean oil and palm oil.
★ In 2024, global biofuel production is expected to reach 641.4 lakh tons, an 8.4% increase from 2023, with palm oil accounting for one-third of the total production.