Palm oil boss says China wants to buy Indonesian CPO

RBD Palm Oil

China

Indonesia

Published Aug 25, 2023

Tridge summary

China plans to increase its purchases of palm oil, including crude palm oil (CPO), from Indonesia, according to the Chief of the Indonesian Palm Oil Producers Association. The Indonesian palm oil market is diversifying due to pressure from the European Union, and China has asked to increase its CPO imports even more. In addition to China, Russia is another potential export market for Indonesian palm oil, and a Chinese bank has offered assistance in overcoming export constraints.

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

Jakarta, CNBC Indonesia - Chief of the Indonesian Palm Oil Producers Association (Gapki) Eddy Martono revealed that China intends to increase purchases of palm oil, including crude palm oil (CPO) from Indonesia. This, he said, was revealed when his party was invited by the Chairman of the Chinese Chamber of Commerce and Industry (Kadin). "We have done this by opening new markets. Yesterday's example in China was the same as we were invited by the Chairman of the Chinese Chamber of Commerce, but specifically for imports of vegetable oil," said Eddy, as quoted Thursday (24/8/2023). This, he added, is a step towards diversifying the Indonesian palm oil market. Currently, one of them is facing pressure due to being tripped up by the European Union. Eddy revealed that Indonesia's CPO exports to China have increased every year. In fact, Indonesia exported 8.1 million tonnes of palm oil to China in 2019. "They are the ones asking us to increase their exports even more. If necessary, ...

Source: Cnbcindonesia