Jakarta. World's largest palm oil producer Indonesia announced Monday that exports of its top agricultural commodity had witnessed a double-digit increase in February.

Official data showed that the Indonesian crude palm oil (CPO) and derivatives exports reached $2.27 billion in February. This marked a 58.35 percent month-to-month growth from $1.44 billion the previous month. Exports had jumped 89.54 percent year-on-year as Indonesia shipped $1.2 billion worth of palm oil products in February 2024, according to the Central Statistics Agency (BPS).

"Our CPO and derivatives exports reached $2.27 billion in February. This is the highest [CPO] export that Indonesia has ever recorded since August 2023, during which our palm oil exports stood at around $2.4 billion," BPS' chief Amalia Adininggar Widyasanti told a press briefing.

Volume-wise, palm oil exports rose from 1.27 million tons in January 2025 to 2.06 million tons the following month. In February 2024, Indonesia sold 1.42 million tons of CPO and derivatives to its foreign trade partners. Palm oil products were worth approximately $1,101.3 per ton last month. The price per ton was around $1,134.08 in January 2025, and $847.58 in the second month of 2024.

The latest statistics signaled a recovery in Indonesia's palm oil exports. Southeast Asia's largest economy shipped fewer CPOs at the start of the year. Exports fell 24.1 percent from $1.89 billion in December 2024 to $1.44 billion the next month. The numbers also dropped 16.68 percent year-on-year in January.

According to Amalia, Indonesia's soaring palm oil exports in February had helped the country run a positive trade balance for 58 consecutive months since May 2020. India was the second-largest source of Indonesia's surplus last month, contributing almost $1.3 billion and placing just behind the US ($1.57 billion). Palm oil trade had made up a substantial part of its surplus with New Delhi.

Indonesia and its close neighbor Malaysia collectively represent over 80 percent of the global palm oil supply.