Indonesia should not fear losing the EU’s palm oil market

Published 2023년 1월 27일

Tridge summary

Indonesia, the world's largest palm oil producer, should not be concerned about losing the European Union (EU) market, according to the Indonesian Palm Oil Association (Gapki). The association believes that there are other markets to offset any potential loss from the EU. In 2022, Indonesia exported 3.75 million tons of palm oil products to the EU-27, marking a 14% decrease from the previous year. However, exports to the US rose, making it the third-largest importer of Indonesian palm oil. Pakistan is also a potential market for Indonesia. The overall palm oil export volume has been declining for the past four years. Indonesia and Malaysia are coordinating their efforts to fight the EU's discriminatory deforestation law.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

World’s largest palm oil producer Indonesia should not fear losing the European Union or EU, as the Southeast Asian country still has a lot of other markets to export its top commodity to, according to the Indonesian Palm Oil Association or Gapki. “Palm oil industry will continue to grow. The commodity is a basic need for food manufacturing and bioenergy. So Indonesia does not need to fear losing the EU because there are other markets out there that will just keep growing,” Gapki chairman Joko Supriyono told reporters in Jakarta on Wednesday. “What’s more important is how we can fight for our palm oil on the global trade, regardless of the market,” Joko said. Gapki data show Indonesia exported 3.75 million tons of palm oil products to the EU-27 in the first 11 months of 2022. This marked a 14 percent decline from the same period in 2021. The Gapki export data encompassed crude palm oil (CPO), biodiesel, and oleochemicals, as well as refined, bleached, and deodorized palm olein ...

Source: UkrAgroConsult