The value of Indonesian palm oil product exports reached a decade high in May as commodity prices rose in line with the economic recovery seen in numerous developed and emerging economies.

The average price of crude palm oil (CPO) on the Rotterdam market in terms of cost, insurance and freight (CIF) similarly reached a decade high at US$1,241 per ton.

At around $3 billion, palm oil products accounted for 18.5 percent of Indonesia’s total exports in May.

“The rise in exports was also supported by the 12 percent increase in volumes to 2.95 million tons [in May] from April,” the Indonesian Palm Oil Association (Gapki) reported in a press release published on Wednesday.