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SINGAPORE, Nov. 23 (Reuters) – Indonesia’s palm oil exports and production in 2021 are both expected to decline for the second year in a row, the country’s palm oil association vice president said on Tuesday. (GAPKI).
The expected decline in the world’s largest producer is due to a sharp drop in exports of crude palm oil and production problems resulting from reduced use of fertilizers and poor maintenance of the plantations.
Total palm oil exports are expected to fall for the second year by 0.34 percent in 2021 from the previous year, GAPKI vice president Togar Sitanggang said at a virtual conference.
Indonesian crude palm oil (CPO) exports are expected to fall by 60.5% this year compared to 2020, he added, with India’s main buyer opting for refined products instead.
Sitanggang said the overall decline in exports was mainly due to the drop in CPO shipments.
“India somehow prefers refined palm oil,” he said, adding that exports of refined palm oil products are expected to increase by 22.2 percent for this year.
This is the second time that GAPKI has revised its export outlook for 2021.
The association forecast last month that total palm oil exports in 2021 would increase by 1.2%, despite an estimated 54.4% drop in CPO exports.
Sitanggang said the decline in CPO exports is in line with the country’s goal of completely halting CPO exports, while increasing shipments of value-added palm oil.
Indonesian President Joko Widodo said last month that his country intended to stop exporting CPO “at some point” in the future.
Indonesia has yet to disclose details on how it will stop CPO exports.
Palm oil exports fell 9% in 2020 after hitting a record high in 2019, while production fell 1%.
Reporting by Fathin Ungku; Editing by Martin Petty
Our standards: Thomson Reuters Trust Principles.
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