News

LPEI believes Indonesia's 'black gold' will dominate world exports

Vanilla
Indonesia
Market & Price Trends
Published Oct 17, 2023

Tridge summary

The Export-Import Financing Institute (LPEI) believes that Indonesian vanilla, also known as "black gold," has great potential in the global market. Despite currently being the second largest vanilla producer in the world after Madagascar, Indonesia's potential to overtake Madagascar's position is expanding due to the high demand and price of vanilla on the global market. LPEI, along with other government agencies, plans to improve product quality, production capacity, and expand the vanilla export market to capitalize on this opportunity.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

The Export-Import Financing Institute (LPEI) said that vanilla or "black gold" from Indonesia has great potential to advance in the global market. Indonesia is the second largest vanilla producer in the world after Madagascar. ADVERTISEMENT Based on data from the ITC Export Potential Map, the potential for increasing Indonesian vanilla exports throughout the world is US$ 59 million. With the continued increase in demand in the global market, Indonesia's potential to overtake Madagascar's position is increasingly wide open. The price of vanilla on the global market is currently very high, with an average of EUR 270.40 per kg for vanilla extract and EUR 175.56 per kg for whole vanilla in 2022. The high price of vanilla has earned it the nickname "black gold" plant. . Also read: Indonesia experiences a decline in fishery commodity exports, this is the cause Seizing this opportunity, LPEI synergized with the Directorate General of State Assets (DJKN) and the Directorate General of ...
Source: Wartaekonomi
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