The global CPO price hovered in the range of $542.50-$572.50 per metric ton in February, GAPKI Executive Director Mukti Sardjono noted in a written statement released on Tuesday.
"The global CPO price shot up following a decrease in the palm oil stocks in Indonesia and Malaysia and of other vegetable oils in many producer nations," he remarked.
Sardjono stated that Indonesia's exports of CPO and its derivatives of biodiesel and oleochemical in February experienced a 11 percent drop by volume, reaching 2.88 million tons, from 3.25 million tons recorded in the previous month.
The shortfall was since February has lesser number of days as compared to January, he noted.
Meanwhile, the exports of CPO, palm kernel oil or PKO and derivatives, excluding oleochemical and biodiesel, dropped to nearly 11 percent, from 3.1 million tons in January, to 2.77 million tons in February.
February's exports comprised 852.30 thousand tons of CPO, while derivatives constituted the remaining, he noted.
In comparison with January, the February exports of Indonesia's CPO and its derivatives to the United States dropped 48 percent; Pakistan, 41 percent; China, 22 percent; Africa, 16 percent; and India, 14.5 percent.
However, the exports of CPO and derivatives to the European Union recorded a 27 percent increase and an eight percent increase in exports to Bangladesh.
As of February 2019, Indonesia's palm oil stocks reached 2.50 million tons, a drop of 17 percent than 3.02 million tons a month earlier. EDITED BY INE