Jakarta. In February, Indonesia's exports of crude palm oil (CPO) and its derivatives experienced a significant decline, dropping by over 30 percent to $1.20 billion (Rp 18.7 trillion) compared to January's figure of $1.72 billion.

Amalia Adininggar Widyasanti, the Acting Head of the Central Statistics Agency (BPS), attributed this decline to reduced demand from key partner countries such as China, India, and Europe.

The volume of CPO exports in February 2024 was recorded at 1.42 million tons, down from 2.06 million tons in the previous month and 2.10 million tons in February 2023.

"Regarding prices, February 2024 saw an increase to $847.58 per ton, compared to January 2024's $835.43 per ton," Amalia stated on Friday.

Amalia explained that the decrease in CPO export performance was influenced by the opening of new trade routes through the Black Sea Grain Initiatives signed by Russia.

"The introduction of this new trade route allows several European countries to offer exports of sunflower oil and other grains at reduced prices," Amalia noted.

BPS also observed that the high CPO stocks held by China and India were contributing factors to the decline in palm oil export performance, amidst elevated global CPO prices.

"China and India's relatively large CPO stocks have led to reduced import demand compared to previous periods," she added.

In February 2024, Indonesia maintained its trade surplus streak for the 46th consecutive month. However, the surplus for that month totaled only $870 million (Rp 13.6 trillion), down from $2.02 billion in January.

The BPS revealed that exports amounted to $19.31 billion, while imports stood at $18.44 billion during February 2024.