Indonesia's wheat imports are expected to increase to 10 million tons in the 2023-2024 period, following a decline in the previous period due to a weakened global economy. The increase is based on assumptions of improved global economy, population growth, and increased demand during the upcoming election. Additionally, the demand for wheat is expected to rise due to its use in food products and as a feed ingredient, while the effects of El Nino are likely to cause a decrease in rice production.
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The expected increase in imports is based on the assumption that the global economy will improve, population growth and increased demand due to the upcoming election. This is the latest data released by the US Department of Agriculture, USDA. According to WorldGrain, based on USDA data, Indonesia's wheat imports are estimated to reach 10.5 million tonnes, up from the previous 9.446 million tonnes in 2022-2023. The global economic slowdown and depressed purchasing power in the domestic market will push demand for wheat products to decline in 2022-2023. Meanwhile, total food consumption in 2022-2023 will fall 3.4% to 8.5 million tonnes of wheat equivalent. With the 2024 election, demand for food products made from wheat flour is expected to increase. Wheat consumption in 2023-2024 is estimated to reach 8.6 million tons of wheat equivalent. Apart from that, wheat is also widely consumed in Indonesia as a feed ingredient. The feed mill association estimates that feed production in ...