Indonesia's crude and refined palm oil exports surged by 62.2% in February, reaching a four-month high due to Jakarta's decision to lower export taxes, attracting buyers away from Malaysia. The country exported 2.06 million metric tons of palm oil in February, the highest since October, marking a 45.1% increase from February 2024. This surge in exports is expected to help reduce stock levels and support prices, which are currently at a premium compared to soyoil. The statistics bureau's data excludes palm kernel oil, oleochemicals, and biodiesel, with Indonesia's palm oil association, GAPKI, releasing more comprehensive data at a later date. Anilkumar Bagani, research head at Sunvin Group, noted that the decrease in export taxes led to Indonesian palm oil prices falling below Malaysian levels, accelerating exports in February. Consequently, Malaysia's palm oil exports fell by 16.27% to a four-year low of 1 million tons. Indonesia lowered its crude palm oil (CPO) reference price for February, reducing the export tax from US$178 per ton in January to US$124 per ton. Despite curbs on used cooking oil, Indonesia's palm oil stocks are unlikely to rise sharply due to the country's implementation of a 40% mandatory biodiesel blend. A Mumbai-based dealer highlighted that the sustained export momentum of palm oil, despite its premium over soybean oil, will help keep its prices elevated. Palm oil competes mainly with soy oil and sunflower oil supplies from Argentina, Brazil, Russia, and Ukraine. The decrease in export taxes and the subsequent increase in exports are expected to support palm oil prices, benefiting Indonesia's trade balance and economic growth.Source: https://www.reuters.com/markets/asia/indonesias-feb-palm-oil-exports-hit-4-month-high-tax-cut-2025-03-17/ (ICE GIACARTA)

Fonte notizia: Reuters, 17 March 2025