Indonesia's Palm Oil Exports Weaken in 2024

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Adi Ahdiat 20/02/2025 12:20 WIB

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According to BPS data, Indonesia's palm oil export performance weakened in 2024, both in terms of volume and value.

Indonesia's Palm Oil Export Volume and Value (2014-2024)

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Indonesia's Palm Oil Export Volume and Value (2014-2024)

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According to data from the Central Bureau of Statistics (BPS), Indonesia's palm oil export performance weakened in 2024.

Throughout 2024, export volume reached only 24.21 million tons, down 15.4% year-on-year (yoy) compared to 2023.

Furthermore, the export value decreased by 8.8% (yoy) to US$22.87 billion.

This decline occurred despite rising commodity prices. According to World Bank data, the average global benchmark price for palm oil in 2024 increased by 8.7% (yoy) due to reduced production.

However, the World Bank predicts a price correction in the next two years as stocks increase again.

"Palm oil prices are expected to fall 7% (yoy) in 2025 and 1% (yoy) in 2026 as global production recovers," stated the World Bank in its October 2024 Commodity Markets Outlook.

Starting March 1, 2025, the Indonesian government mandated that exporters place 100% of their natural resource export earnings (DHE SDA) in special accounts at national banks for 12 months, including proceeds from crude palm oil (CPO) exports.

“[The placement of 100% of DHE SDA in national banks for 12 months] is primarily for coal, CPO, and nickel, the three commodities that play the largest role in generating our exports and foreign exchange,” said Finance Minister Sri Mulyani in a press conference on Monday, February 17, 2025.

Sri Mulyani stated that this new policy aims to ensure that Indonesia's natural resource export earnings truly enter the domestic economy and strengthen the national economy.

"Our banking and financial systems will also continue to be strengthened so that they are also able to continue providing services to these exporters," she said.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."