Vietnam secretly seizes the Indonesian CPO palm oil market in India

Published 2024년 5월 27일

Tridge summary

The article highlights the aftermath of Indonesia's decision to halt palm oil exports in 2022, which has disrupted international palm oil markets and led to a seek for alternative suppliers. Indian buyers, in particular, have shifted their attention to Vietnam, which has been ready with regulations and has managed to remove palm oil land from forest areas, meeting international standards. This move by Indonesia was aimed at meeting domestic needs, but it disrupted the global trade of palm oil, as indicated by the significant exports (33.674 million tons) made by Indonesia in 2022.

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

Original content

Jakarta, CNBC Indonesia - The government's policy of suddenly stopping exports of palm oil products (CPO) and its derivatives in 2022 is apparently still having an impact today. Many buyers from other countries, such as India, have decided to look for other suppliers, including neighboring Southeast Asian countries, namely Vietnam. "In the case of high CPO prices, suddenly we are not allowed to export CPO, that's April 2022 before Eid if I'm not mistaken. The international business climate is disrupted, imagine our buyers in India not being sent goods, even though they have a contract, they must be looking for goods, looking for suppliers "The impact has only reached now," said Ombudsman member Yeka Hendra Fatika in response to questions from CNBC Indonesia, Monday (27/5/2024). Although he did not specify how many Indian buyers had shifted from Indonesia to Vietnam, Yeka said the number was already large. One of the keys to Vietnam's success is being ready with regulations and not ...

Source: Cnbcindonesia