Indonesia’ palm oil exports and its derivatives dropped nearly to 34% from 6.6 million tons (MT) to 4.93 MT in the first two months of 2020, said the association on Tuesday (April 21). The decreasing driven by lower exports to major buyer, China, India, and European Union (EU) caused of the COVID-19 outbreak.
Based on the Indonesian Palm Oil Producers (GAPKI) data, export to China dived by 500,000 tons, India fell by 188,000 tons and to Africa were down by 250,000 tons compared to last year. By the end of February, the association reported, the palm oil stockpile stood at 4.08 MT, dropped from prior month 4.54 MT.
