InfoSAWIT, DELI SERDANG – Minister of Trade Budi Santoso officially released the export of ten containers of palm oil derivative products in the form of oleochemical products, namely split fatty acid and crude glycerine, worth USD 420,000 or equivalent to IDR 6.75 billion to India. The export release took place on Tuesday (December 17) in Deli Serdang, North Sumatra.
The products exported are produced by PT VVF Indonesia, a subsidiary of the VVF group based in India. In his remarks, Minister Budi Santoso emphasized the government's commitment to continue supporting the development of sustainable palm oil industries through downstream policies and market access facilitation.
"This export is a tangible proof of the synergy between the government and the private sector in supporting national economic growth. We hope the palm oil sector continues to develop as one of Indonesia's strategic commodities," said Budi in an official statement received by InfoSAWIT on Wednesday (December 18, 2024).
Indonesia currently leads global trade for split fatty acid products with a market share of 40.97% and crude glycerine at 32.02%. Throughout January to September 2024, the export value of these two products reached USD 1.05 million, an increase of 6.91% compared to the same period in 2023. India is a primary market for these products.
President Director of PT VVF Indonesia, Venugopalan Menon, was also present at the event along with local government officials and industrial estate management. Minister Budi appreciated PT VVF Indonesia for its contribution to increasing investment and downstreaming in Indonesia.
"This step is expected to motivate other business actors to expand exports of palm oil derivative products. Downstreaming not only empowers the national economy but also creates strategic partnerships with MSMEs," added Budi.
The Minister also emphasized that the Ministry of Trade will continue to strengthen national trade performance through key programs, namely domestic market protection, market expansion, and MSME innovation enhancement. The event was also attended by the Director General of National Export Development at the Ministry of Trade, Mardyana Listyowati, the Director General of Domestic Trade, Moga Simatupang, and the Head of the Industry and Trade Office of North Sumatra, Mulyadi Simatupang. (T2)
