Palm Oil Exports From Indonesia Surge to Highest in Eight Months
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Palm oil shipments from Indonesia, the world’s largest producer, climbed to the highest level in eight months in October as a decline in supplies of substitute oils in India and China spurred demand from the biggest buyers.
Exports increased 13 percent to 1.86 million metric tons from 1.64 million tons in September, the Indonesian Palm Oil Association, said in an e-mailed statement today. That’s the highest since 1.92 million tons shipped in February and compared with 1.42 million tons in October 2012, according to data compiled by Bloomberg. Shipments beat the median estimate of 1.7 million tons in a Bloomberg survey published Nov. 12.