CURRENT PALM OIL MARKET SITUATION AND TRENDS
35
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by Lim Teck Chaii
Global oils and fats consumption grew by leaps and bounds. It reaches 210.5 million MT in 2016 from 80.9 million MT consumed in 1991. The drivers that led consumption to trend higher are rising population, improving economic condition and growing demand for vegetable oil as a feedstock for biodiesel production. Whilst oils and fats consumption register yearly increase, oils and fats production is volatile, destabilized by farmer’s planting intentions and weather. In this aspect, global palm oil production fell sharply in 2016 as Malaysia’s and Indonesia’s CPO productions are adversely affected by EL Nino. EL Nino has a tremendous impact on CPO production as more of the flowers formed will drop. This led to the lower number of fruitlets formed per brunch. Due to El Nino, Malaysia’s CPO production dropped by 2.6 million MT to 17.3 million MT in 2016 whilst Indonesia’s production dropped by 1.3 million MT to 33.4 million MT. The shrinking supply led to a deficit between global oils and fats consumption and production in 2016 of 6 million MT. Global oils and fats consumption was 210.5 million MT in 2016 as compared to production of 204.5 million MT. The paper will highlight the attributes that led palm oil to establish increasing recognition as an important source of vegetable oil for the world, trends of edible oils balance and palm oil supply and demand outlook for 2017.
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