Palm oil exports from the country in December amounted to 2.51 million tons, against 2.52 million tons in November. Reasons specified reduction was the increase in November, the import duty on the product by India, the main buyer of Indonesian palm oil, as well as increased global competition from Malaysia, which has reduced the export duty on palm oil to 5.5%.

"Supply of palm oil to India are reduced, the decision of the government of Malaysia on the extension of the reduced export duty on palm oil for another three months, starting from January 8, puts additional pressure," said Executive Director of the Indonesian vegetable oil Association (GIMNI) Sahat Sinaga.

Photo: zozhnik.ru