Indonesia: High domestic demand, soybean imports potential to skyrocket in 2025

Published 2024년 12월 3일

Tridge summary

Indonesia's reliance on soybean imports remains substantial, with figures from the Central Statistics Agency showing that the country imported 2.16 million tons of soybeans from January to September 2024, valued at US$ 1.15 billion. This import volume is nearly as high as that of 2023. Aip Syarifuddin, chairman of the Indonesian Tofu and Tempeh Producers Cooperative Association, anticipates that imports could reach 2.6 million tons by the end of 2024 due to high domestic demand. Currently, local production covers only 10% of the country's annual soybean requirement of 3 million tons. Fortunately, the increased imports coincide with a decrease in global soybean prices, which is expected to relieve pressure on tempeh and tofu producers.

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Original content

Reporter: Dimas Andi | Editor: Noverius Laoli KONTAN.CO.ID - JAKARTA. Indonesia's dependence on soybean imports still appears to be quite high. Most of the imported soybeans are targeted at the food processing industry such as tempeh and tofu. Based on data from the Central Statistics Agency (BPS), Indonesia imported 2.16 million tons of soybeans or worth US$ 1.15 billion in January-September 2024. This figure is close to the realization of national soybean imports in 2023, which is 2.27 million tons or worth US$ 1.47 billion. Chairman of the Indonesian Tofu and Tempeh Producers Cooperative Association (Gakoptindo) Aip Syarifuddin said that it is not impossible that soybean imports could reach around 2.6 million tons by the end of 2024 in line with high domestic demand. Moreover, Indonesia's ability to produce soybeans is still low. "The national soybean requirement is approximately 3 million tons per year, but local production can only cover 10%," he said, Monday (3/12). ...

Source: Kontan