INDONESIAN PALM OIL EXPORTS INCREASES DUE TO EL NINO

Jakarta, 29 Muharram 1437/11 November 2015 (MINA) — The Executive Director of Indonesian Palm Oil Association (GAPKI) Fadhil Hasan said Indonesia’s palm oil exports has increased and the price goes up because of El Nino that hit Indonesia.

“During October 2015, palm oil exports recorded increasing by 11.6 percent, or up to 2.61 million tons from 2.34 million tons in September 2015,” he said in a press conference, Tuesday. Antaranews reported.

The average price of global CPO in October 2015, rose to $ 578.2 per metric ton. It’s up 9.7 percent if compared with the average price in September which amounted to $ 526.9 per metric ton.

The increased demand and rising global CPO prices was also caused by haze disasters which estimated disrupt the produce of oil palm.

In addition, other factors which affecting the prize are the reduce of oil grains stocks due to unfavorable weather and the increase of biofuels program made off palm oil (B15).

Fadhil said significant demand for palm oil comes from countries such as Africans, US, China and India.

“African countries throughout October posted Indonesia’s palm oil imports as much as 259 thousand tons, increase by 340 percent if compared with the previous month which just 58.93 thousand tons,” he said.

While US import amounted to 117.74 thousand tons, up to 133 percent if compared with the previous month which amounted to 50.62 thousand tons request.

In October, palm oil demand from China increased by 36 percent from 278.99 thousand tons in September to 378.97 thousand tons IN October. While the Middle East countries recorded an increase of 21 percent and India 11 percent.

Fadhil said, there is also a decline in demand for palm oil. Those are from Pakistan and Bangladesh, which amounted to 54 percent and 35 percent.

GAPKI predicted the daily price of CPO throughout November 2015 will be in the range of 555 to 580 dollars. (TL/P008/R03)

Mi’raj Islamic News Agency (MINA)