The National Federation of Oil Palm Growers reported that Colombia’s crude palm oil production was 134,000 tons in September.
So far this year the production reaches 1,366 thousand tons, with an increase of 1.1% compared to the 1,351 thousand tons of the same period of the previous year.
For its part, the production of the last twelve months (October 2020 / September 2021 vs October 2021 / September 2022) showed an increase of 8.2%. That increase, among other reasons, is a result of the increase in crop fertilization that was evident when oil prices started improving in 2020.
Total palm oil sales were 1.38 million tons in the first three quarters of 2022, an increase of 4.1% from the 1.32 million tons recorded in the same period of 2021.
As of September 2022, the distribution of total palm oil sales was 87% for the local market and 13% for the export market. So far this year this trend has been maintained in which the local market reaches 71% participation, while the export market reaches 29%; highlighting the increase in local demand, due to the good competitiveness of domestically produced palm oil in the domestic market compared to its substitutes.
It should be remembered that the price premium of soybean oil over the price of palm oil in international markets has been much higher than the traditional one and has been around US $ 400 per ton in the last three months.
