High CPO Export Improves Trade Balance

09, Jul 2014 | Author: Embassy of Indonesia

Source: Tempo.co

Good news came from the sale of crude palm oil (CPO). In May, Indonesia’s top commodity posted a sales increase of 23 percent. The achievement is expected to help narrow the trade balance deficit.

Economist from Samuel Sekuritas, Lana Soelustingsih, even said that the trade balance in May would post a surplus; the direct impact of CPO sales increase.

According to the Indonesian Palm Oil Association (Gapki), crude palm oil exports in May 2014 rose to 1.7 million tons from 1.38 million tons in the previous month. The surge was driven by high demand from Muslim countries, such as Pakistan and Bangladesh, ahead of the fasting month of Ramadan.

Bangladesh¬†is recorded as Indonesia’s top CPO importer. Throughout May 2014, the country’s CPO import jumped 336 percent from April’s volume. Meanwhile, Pakistan booked a 145,000 tons volume demand, up 17 percent from April’s 123,000 tons.

Unfortunately, the high export was not followed by sales price increase. Over the past month, the average selling price (ASP) of CPO in Rotterdam stood between US$875 to US$950 per metric ton, down 1.7 percent from April’s ASP of US$911 per metric ton.

Fadhil said the price decline was caused by the falling prices of other types if vegetable oil. He estimated the price decline to persist this month. Meanwhile, Gapki estimated that June’s CPO price will not budge, staying in the range of US$840 to US$880 per metric ton.

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