11 hours ago
12
March 17, 2025 | 08:31 pm
TEMPO.CO, Jakarta - Indonesia's crude and refined palm oil exports surged 62.2% in February from a month ago to reach a four-month high, the statistics bureau said on Monday, March 17, 2025, as Jakarta's move to lower export taxes attracted buyers away from Malaysia.
Higher palm oil exports from Indonesia, the world's biggest producer of the tropical oil, will help in bringing down stocks and support prices that are currently holding a premium over rival soyoil .
Indonesia exported 2.06 million metric tons of crude and refined palm oil in February, the highest since October, the bureau data showed. Exports were up 45.1% from February 2024.
The bureau's data excludes palm kernel oil, oleochemicals and biodiesel. Indonesia's palm oil association GAPKI usually releases its own data at a later date, which cover more products and so has different export figures.
The decrease in export taxes, which resulted in Indonesian palm oil prices falling below Malaysian levels, sped up exports in February, said Anilkumar Bagani, research head of Mumbai-based vegetable oil broker Sunvin Group.
"Buyers shifted to Indonesia from Malaysia because of lower prices, which is why Malaysia's exports fell in February."
Malaysia's palm oil exports in February fell 16.27% from a month ago to hit a 4-year low of 1 million tons.
Indonesia lowered its crude palm oil (CPO) reference price for February, reducing the export tax to $124 per ton from $178 in January.
Indonesia's palm oil stocks are unlikely to rise sharply despite curbs on used cooking oil, as rising exports coincide with the country's implementation of a 40% mandatory biodiesel blend, a Mumbai-based dealer with a global trade house said.
The sustained export momentum of palm oil, despite its premium over soybean oil, will help keep its prices elevated, he said.
Palm oil mainly competes with soyoil and sunflower oil supplies from Argentina, Brazil, Russia, and Ukraine.
REUTERS | Bernadette Christina and Rajendra Jadhav
Editor’s Choice:
Click here to get the latest news updates from Tempo on Google News
World Cup Qualifiers: Garuda Squad to Finalize 23 Players for Australia vs Indonesia Clash
4 jam lalu
The Australia vs Indonesia match will take place in the World Cup 2026 qualifying match at the Sydney Allianz Stadium on Thursday, March 20, 2025.
Indonesian Cruise Ship Celestia Enters Time Magazine's Top 100 Best Places
9 jam lalu
The Celestia cruise ship takes passengers to explore various remote areas in the Indonesian archipelago.
7 Best Resorts in Lombok, Luxury Stays with Private Pools and Beaches
14 jam lalu
Discover the best resorts in Lombok by TripAdvisor, with some featuring private pools and beaches, for your next perfect island escape.
52% of Indonesian Population Will Travel for Eid, Peak on March 28
1 hari lalu
A total of 146.48 million Indonesians are predicted to travel during the 2025 Eid al-Fitr homecoming period.
Cheetos, Lays, Doritos Will Return to Indonesia
1 hari lalu
Cheetos are already available in the market, while Lays and Doritos will follow soon.
Economist: Indonesian Govt Is in Denial over Economic Downturn
2 hari lalu
Economist Awalil Rizky assessed that the Finance Ministry is refusing to acknowledge the weakening dynamics of the national economy.
Indonesia's Trade Surplus Likely Narrowed to $2.45bn in February
2 hari lalu
Southeast Asia's largest economy has posted a monthly trade surplus since mid-2020, driven by a commodity boom.
Indonesia Invited to Kazan Forum as Russia Highlights Islamic Economy
3 hari lalu
Russia invites Indonesia to the Kazan Forum. The number of Muslims in Russia is quite significant, reaching up to 20 million people.
Prabowo Pledges to Deploy Indonesian Warships for Navy Day Event, Says Russian Ambassador
3 hari lalu
Russian Ambassador to Indonesia Sergei Tolchenov stated that Indonesia plans to send warships to Russia.
Indonesia Issues Permits for Five Apple iPhone 16 Models
3 hari lalu
The Southeast Asian country of about 280 million people banned iPhone 16 sales last year.
