Indonesia's GAPKI sees lower 2024 palm oil exports, possible B40 mandate

A general view of a palm oil plantation in Siak regency, Riau province, Indonesia. - Reuters

KUALA LUMPUR: Indonesia's 2024 palm oil exports are seen at 29.50 million metric tonnes, down from 30.25 million tonnes last year, the Indonesia Palm Oil Association (GAPKI) said at an industry conference on Wednesday (March 6).

Meanwhile, palm oil output in the world's biggest producer of the edible oil is expected to rise by 2.26% to 54.4 million tonnes, GAPKI official Fadhil Hasan said, while domestic consumption is seen higher due to demand for biodiesel feedstock.

Indonesia's end-2024 palm oil stock is estimated at 5.25 million tonnes.

"There is a possibility of the new incoming government increasing B35 to B40," Fadhil said, referring to Indonesia's mandatory bio-content mix that currently stands at 35% of biodiesel. This could take place in the second half this year, he said.

"One of the programmes by the candidate likely to be elected is intention to raise to B50, but that is maybe for after 2025," he added.

Pollsters have said that Defence Minister Prabowo Subianto is the likely winner of the Feb 14 general election. The election committee has until March 20 to verify votes.

Meanwhile, the impact of El Nino dry weather pattern last year has turned out to be insignificant on 2024 production as it hit mostly Java and southern regions of Sumatra, which are not palm oil producing centres, Fadhil said. - Reuters

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Indonesia , palm , oil


Next In Aseanplus News

Thailand’s K-pop princess Lalisa of Blackpink joins top American outfit RCA Records
China urges US, Japan and Philippines to stop undermining regional peace, stability in South China Sea
Vietnam forum boosts economic ties among Asean, emerging economies and Russia
Thai foreign minister urges Myanmar's military to avoid violent attack on border town after its army suffer spectacular lost
MCMC seizes phone, SIM card linked to spread of viral 'civil servant' clip
China hits out at ‘bloc politics’ in response to new US-Japan-Philippines grouping
Jail for Singapore Nanyang university student who recorded video of woman in campus toilet, took photos of others showering
5.2-magnitude quake hits 151 km WNW of Tobelo, Indonesia -- USGS
Melaka government allocates funds for preserving historic Villa Sentosa
Water guns are in full blast to mark Thai New Year festivities despite worries about heat wave

Others Also Read