Increasing global demand for palm oil

Increasing global demand for palm oil

According to Oil World, the significant growth in the export of date palm oil from Indonesia, which is the largest producer of this product in the world, shows that global demand for its import has grown significantly.

Indonesia’s palm oil exports grew 28 percent to 9.1 million tons in the first five months of this year. Falling palm oil prices have boosted demand from consumers and the food and energy industries.

Palm oil prices fell 21 percent last year due to excess supply over demand.

Crude palm oil production in Malaysia, the world’s second-largest producer, reached a record 10.07 million tonnes from the beginning of this year to July, up 5.9 percent from the same period last year, and the country’s exports in July alone compared to the same period last year. Increased by 10%.

According to Bloomberg, buyers included China, Singapore, Vietnam, Russia and Egypt.