Indonesia’s palm oil export plunged 68% in May to a mere 678,000 tons from the previous month following the impact of the export ban imposed for 3 weeks ending 23 May. The latest GAPKI data released today (15 July) showed production of CPO and CPKO slowing down by 20% in May to 3.414 million tons from April and down 22% from the same time last year.

Domestic consumption eased by 8% from April mainly on reduced usage of biodiesel while the food sector usage rose marginally by 3%.

The impact of export ban was most felt with the end-month stocks soaring to an all-time high of 7.233 million tons or up a staggering 19%.