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India Commits to Purchase Palm Oil from Indonesia 3,16 Billion



India Commits to Purchase Palm Oil from Indonesia 3,16 Billion

InfoSAWIT, New DELHI – In his trade visit to India, Minister of Trade, Zulkifli Hasan said, India was selected as the first visit because it is the strategic trade partner of Indonesia.

“The two countries have long and good history, the members of G20, and the economy helps each other because of the needs one to the other,” Minister Zulkifli said, as in the official statement to InfoSAWIT, Tuesday (23/8/2022).

He also explained the signing of 22 MoU in the trade mission covers crude palm oil (CPO), coal, tools, olein, furniture, plastics, pulp and paper within the total about US$ 3,2 billion. "Particularly in CPO, the total commitment that came to a conclusion reached 2,6 million tons or about US$ 3,16 billion,” Zulkifli told.

He is also optimist about the target. “This is the history for the two countries. When everything is uncertain, and economic challenges are ahead, Indonesia and India keep strengthening the strategic partnership namely in trade. Hopefully the profitable partnership between the stakeholders in the two countries get better and be sustainable,” he said.

In the meantime, the stakeholders joining the trade mission claimed, it is the right time to sell crude palm oil (CPO) to India knowing that Indonesia is about to get back the markets in the country particularly in fulfilling the vegetable oil needs heading to Deepavali religious day on 24 October 2022. India is the second biggest CPO exporter after China within the exports value reaching US$ 3,4 billion or 25 percent of the total exports from Indonesia to India in 2021.

Based on Central Bureau of Statistic that Ministry of Trade managed, the total trade between the two countries in January – June 2022 reached US$ 16,67 billion. The total non-oil and gas exports from Indonesia to India in the same period reached US$ 15,3 billion or increased 75 percent compared to the same period in the previous year which reached US$ 8,7 billion.

In 2021 the trade between Indonesia and India reached US$ 19,8 billion with the surplus for Indonesia reaching US$ 6,3 billion. Non-oil and gas exports from Indonesia to India in 2021 reached US$ 13,11 billion. (T2)

 

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