Increase of Price and Import Quota for Rice in Indonesia in W48

The Indonesian government has planned to keep the rice inventory balanced to fulfill the domestic demand until Q1 2023. The government has approved the increase of the rice import quota with higher prices. Previously in January 2022, the price was at USD 0.450/kg, and in W48, the price stood at USD 0.60/kg. The purchase price increased to fulfill the rice inventory for the country, as many exporting countries have started to increase their prices and have the policy to regulate exports. With regulated prices, it presents a challenge for private sectors to be interested in entering the rice import market.