Indonesia's crude palm oil exports likely rose in August, a Reuters survey showed, as output increased and inventory levels of rival oils probably fell. Crude palm oil (CPO) exports from the world's top producer of the vegetable oil likely rose to 2.7 million tonnes in August, compared to 2.4 million tonnes in July, according to the median estimate in a survey of two industry associations and a state palm research firm.
Production was tipped to have edged up to 3.6 million tonnes in August from 3.5 million tonnes a month earlier, the survey showed. "The increase in exports was supported by (palm) harvests and stocks of other vegetable oils, such as soyaoils, that are not as good," said Hasan Hasril Siregar, a director at the Indonesian Oil Palm Research Institute.
Domestic consumption likely climbed to 890,000 tonnes from 848,500 tonnes in July, according to the survey median. Meanwhile, domestic stockpiles in August likely rose to 2.6 million tonnes from 2.4 million in the previous month. Indonesian Palm Oil Association (GAPKI) data showed the country exported 2.98 million tonnes of palm oil and palm kernel oil in August.
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