Colombia's rising production of biodiesel is likely to slash the country's palm oil exports in 2010 following a long period of export expansion, Hamburg-based oilseeds analysts Oil World forecast on Tuesday. Colombia's 2010 calendar year palm oil exports are forecast by Oil World to fall to 60,000 tonnes from 214,000 tonnes in 2009, opening the way for larger sales by rivals Malaysia and Indonesia.
"Palm oil is virtually the only feedstock for biodiesel production in Colombia," it said. "We expect that 380,000 tonnes of palm oil will be used in the biodiesel industry in calendar year 2010 against 160,000 tonnes last year." Colombia, which has rapidly expanded its palm oil output in recent years to become one of the world's leading exporters of the oil, was likely to become a net palm oil importer in 2010, it said.
Colombia was forecast by Oil World to produce 820,000 tonnes of palm oil in 2010, up from 802,000 tonnes in 2009 and 714,000 tonnes in 2006. But despite the output rise, increasing usage for biodiesel will mean Colombia is likely to import 75,000 tonnes of palm oil in 2010, up from 62,000 tonnes in 2009, Oil World forecast.
Comments
Comments are closed.