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Indonesia's palm oil export volumes have fallen sharply since the COVID-19 outbreak, with exports to China down 57% and to India down 22% as of March 2020. Shipments to the EU and US also dropped by 30% and 64%.
Indonesia exported 36.18 million tonnes of palm oil products in 2019, and GAPKI expects further declines.
Indonesia supplies the largest share of world palm oil, so a steep fall in its export volumes tightens global supply availability but reflects weaker demand, leaving prices under pressure.
foodnavigator.comPearly NeoApr 28, 2020After 158 past bearish trade events, Palm Oil moved a median +0.0% over 5 sessions (51% higher; middle half -1.3% to +0.8%), and -1.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
