# Palm Oil Industry Performance In 2023 & Prospects For 2024 - Gabungan Pengusaha Kelapa Sawit Indonesia (GAPKI)

> The Indonesian Palm Oil Association projects 2023 crude palm oil output at 50.07 million tons, up 7.15% from 2022, helped by expanded plantings and no major El Niño impact on producing areas. Domestic consumption rose 8.9% to 23.13 million tons, driven by biodiesel use.

- Date: 2024-02-28 · published 2024-02-28T12:00:00.000Z
- Category: report · region Indonesia · magnitude medium
- Page: https://feedsoft.ai/events/15667-palm-oil-industry-performance-in-2023-and-prospects-for-2024-gabungan-pengusaha
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Strong production growth is offset by faster domestic biodiesel-driven demand, leaving the exportable surplus tighter and supporting palm oil prices.

## Read by commodity

- SBO: bullish ▲
- PALMOIL: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2022-01-26 | [Palm oil Export Projected To Reach At Least US$34b In 2022 - Gabungan Pengusaha Kelapa Sawit Indonesia (GAPKI)](https://feedsoft.ai/events/15854-palm-oil-export-projected-to-reach-at-least-us-34b-in-2022-gabungan-pengusaha.md) | +7.2% | +10.7% |
| PALMOIL | 2020-11-20 | [Palm Oil Production Rising In Three Months Straight - Gabungan Pengusaha Kelapa Sawit Indonesia (GAPKI)](https://feedsoft.ai/events/50050-palm-oil-production-rising-in-three-months-straight-gabungan-pengusaha-kelapa.md) | -0.4% | +5.7% |
| PALMOIL | 2025-07-23 | [CPO Production Declines in May 2025, But Indonesia’s Palm Oil Exports Jump 49.75% to US$2.82 Billion - Gabungan Pengusaha Kelapa Sawit Indonesia (GAPKI)](https://feedsoft.ai/events/15547-cpo-production-declines-in-may-2025-but-indonesia-s-palm-oil-exports-jump-49-75.md) | +0.1% | +5.7% |
| PALMOIL | 2026-07-22 | [Malaysia's Palm Oil Forecast Holds Steady as Indonesia Biodiesel Push Lifts Market](https://feedsoft.ai/events/15457-malaysia-s-palm-oil-forecast-holds-steady-as-indonesia-biodiesel-push-lifts.md) | +0.4% | +4.4% |
| PALMOIL | 2026-03-01 | [Palm oil prices likely to hover around current prices in March, says industry council](https://feedsoft.ai/events/20689-palm-oil-prices-likely-to-hover-around-current-prices-in-march-says-industry.md) | +5.0% | +8.4% |
| SBO | 2024-01-16 | [Palm Oil Exports Predicted To Decrease This Year - Gabungan Pengusaha Kelapa Sawit Indonesia (GAPKI)](https://feedsoft.ai/events/15675-palm-oil-exports-predicted-to-decrease-this-year-gabungan-pengusaha-kelapa.md) | -0.6% | -1.7% |
| SBO | 2023-03-20 | [OPINION: Despite Rising Demand, Palm Oil Cannot Make Big Market Sway - Gabungan Pengusaha Kelapa Sawit Indonesia (GAPKI)](https://feedsoft.ai/events/15750-opinion-despite-rising-demand-palm-oil-cannot-make-big-market-sway-gabungan.md) | -1.6% | -4.1% |
| SBO | 2026-03-14 | [Production Rises, Exports Reach IDR 590 Trillion - Gabungan Pengusaha Kelapa Sawit Indonesia (GAPKI)](https://feedsoft.ai/events/15482-production-rises-exports-reach-idr-590-trillion-gabungan-pengusaha-kelapa-sawit.md) | -5.7% | -6.4% |

## Sources

- gapki.id: https://gapki.id/en/news/2024/02/28/palm-oil-industry-performance-in-2023-prospects-for-2024/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.