October 18, 2019 / 9:31 AM / a month ago

Indonesia's Aug palm oil output seen down slightly, exports up: survey

JAKARTA (Reuters) - Indonesia’s palm oil output likely slipped in August from a month earlier, while exports were seen about 7% higher, a Reuters survey showed.

Exports were estimated at 2.9 million tonnes in August, up from 2.7 million tonnes in the previous month, according to a survey of a palm oil industry group, an industry expert and a state palm oil research firm.

Demand from China helped increased the shipments from the world’s largest palm producer, said senior industry expert Fadhil Hasan.

Palm oil output in Indonesia likely dropped to 4.3 million tonnes in August from 4.4 million tonnes in July.

Domestic consumption, driven by usage in food and biodesel mandatory programme, was seen at 1.51 million tonnes, slightly lower than a month earlier.

At the end of August, domestic stockpiles were estimated at 3.04 million tonnes.

Data from Indonesia’s largest palm oil association GAPKI showed palm oil stockpile at the end of August was 3.81 million tonnes.

Reporting by Bernadette Christina, Editing by Amy Caren Daniel

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