JAKARTA, Aug 13 (Reuters) - The Indonesian Palm Oil Association (GAPKI) has lowered its estimate for palm oil exports from the world's top producer, an official said late on Monday, due to weaker demand from China and Europe.
Southeast Asia's largest economy is forecast to ship 17.59 million tonnes of palm oil in 2012, Susanto, head of marketing division at GAPKI, told reporters, versus an estimate of between 17.5-18 million tonnes earlier this year.
"Export of crude palm oil and its derivatives in 2012 is estimated to reach 17.59 million tonnes or below our previous target of 18 million tonnes," Susanto said. "One of the reasons is the European economic crisis and Chinese economic growth."
This year palm oil output from Indonesia is expected to be between 23 million and 25 million tonnes, compared with 22.5 million in 2011.
India, China and Europe are the main buyers of Indonesian palm oil, with exports totalling 8.6 million tonnes during the first six months of this year.
