Indonesia’s Palm Oil Export Statistics for 2023
Explore Indonesia's palm oil export statistics for 2023. Indonesia's palm oil exports accounted for a total value of $22.67 billion in 2023.
Indonesia’s Palm Oil Export Statistics for 2023
Indonesia is one of the biggest palm oil exporters and producers globally, with the palm oil enterprise playing a massive role in the nation's economy. Indonesia exported palm oil worth a total value of $22.67 billion in 2023. The HS code for Palm oil is 1511. Indonesia exports the most palm oil in the world, while palm oil is Indonesia's second-largest exported product. Indonesia's overall palm oil exports had a complete production volume of 46.98 million metric tons in 2023, with a slight rise in its production from the previous 12 months. Indonesia’s palm oil exports had a total market share of 59% in worldwide exports in 2023. Indonesia has been a key player in the international palm oil marketplace for many years, with large plantations spread throughout the archipelago. Indonesia's tropical weather and fertile soil make it an ideal vicinity for palm oil cultivation, leading to high yields and manufacturing degrees. In 2024, it's far anticipated that Indonesia will export about 29 million metric heaps of palm oil, a decline of almost 4% from the year before. In this article, we’ll delve into Indonesia’s palm oil export statistics for 2023 and discover the traits and forecasts.
Who are the Top 10 export partners of Indonesia’s palm oil exports?
India is the biggest export partner of Indonesia’s palm oil exports. India imported palm oil worth $4.5 billion from Indonesia in 2023. The top 10 export partners of Indonesian palm oil in 2023 include:
- India: $4.5 billion
- China: $3.6 billion
- Pakistan: $2.17 billion
- USA: $1.51 billion
- Bangladesh: $1.16 billion
- Egypt: $798.53 million
- Vietnam: $577.19 million
- Myanmar: $521.09 million
- Russia: $444.61 million
- Philippines: $403.33 million
What are the major types of palm oil exports by Indonesia?
Indonesia’s top palm oil export varieties in 2023 include:
- Refined Palm oil and its fractions: $19.61 billion
- Crude palm oil: $1.90 billion
Who are Top 10 Palm oil exporter Companies in Indonesia?
The top 10 Palm oil exporting-supplying companies in Indonesia in 2023 include:
- Sinar Mas Agro Resources and Technology (SMART): $40 billion
- Wilmar International: $32.19 billion
- Golden Agri-Resources: $9.8 billion
- Astra Agro Lestari: $1.36 billion
- First Resources: $981 million
- Bumitama Agri: $695.81 million
- Salim Ivomas Pratama: $348 million
- Rajawali Nusantara Indonesia: $65 million
- Provident Agro: $53.2 million
- Asian Agri: $6.7 million
What are the key highlights of Indonesia’s palm oil exports in 2023?
|
Total palm oil exports in 2023 |
$22.67 billion |
|
Biggest palm oil export partner in 2023 |
India ($4.5 billion) |
|
Top palm oil export variety in 2023 |
Refined Palm oil ($19.61 billion) |
|
Biggest palm oil export company in 2023 |
Sinar Mas Agro Resources and Technology |
|
Total palm oil market share in 2023 |
59% |
|
Palm oil production volume in 2023 |
46.98 million metric tons |
How to find potential palm oil suppliers in Indonesia online?
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Reasons Indonesia Bans Palm Oil Exports
Indonesia started a total ban on palm oil exports in April 2022. This action could put pressure on high cooking oil prices globally and jeopardize global food prices. The prohibition is implemented due to rising prices and local cooking oil shortages in Indonesia, which have recently sparked demonstrations. Strangely, Indonesia is the top producer of crude palm oil (CPO) worldwide. The Indonesian government decided to reduce the cost of domestic, branded cooking oil even though it recognized that the ban on the export of palm oil would negatively affect consumers abroad.
Conclusion
In conclusion, Indonesia’s palm oil export statistics for 2023 demonstrate the nation’s function as a global chief within the zone. Indonesia continues to be a global energy in palm oil exports with India turning into its largest export marketplace in 2023. With robust interest, competitive pricing, and a focus on sustainability, Indonesia is poised to hold its dominance in the palm oil export market and prevent future monetary increases. Looking ahead, Indonesian palm oil exports are expected to preserve to upward thrust, with a call for a developing market and extra intake of palm oil products.
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