North Maluku and 9 Other Provinces Had the Highest Soybean Prices in Indonesia in November 2023

Data from the Ministry of Trade (Kemendag) shows that several provinces have the highest import prices for soybeans. These prices exceed the national daily average of Rp15,257 per kilogram (kg) as of November 17, 2023.

North Maluku holds the highest price at Rp22,000 per kg. Kemendag data shows a price difference of Rp6,743 or 44.19% compared to the national average.

Maluku, also in eastern Indonesia, has the second-highest price at Rp20,000 per kg, with a difference of Rp4,743 or 31.08% compared to the national average.

Bali follows in third place with a soybean price of Rp17,333 per kg, a difference of Rp2,076 or 13.61% compared to the national average.

Southeast Sulawesi is in fourth place at Rp17,000 per kg, followed by Papua and West Papua at Rp16,630 and Rp16,500 respectively.

Yogyakarta has the lowest price at Rp12,330 (-19.16% of the national average), followed by South Sulawesi at Rp12,660 (-16.98% of the national average).

(Also read: International Soybean Prices Rise for Three Consecutive Months Until November 2023)

According to *Katadata*, the Indonesian Tempe and Tofu Producers Cooperative Association (Gakoptindo) reports that at least 15,000 tempe and tofu producers have gone out of business this year.

This is due to the rising price of soybeans, which reached Rp13,000 per kilogram in early October 2023.

Gakoptindo Chairman General Aip Syarifuddin stated that soybean price fluctuations are normal between April and November. However, he noted that the usual price decrease in November is not occurring this year. Soybean prices remain high due to reduced production in the United States and Brazil caused by El Niño.

"The condition of tempe and tofu producers in Indonesia is currently concerning due to the uncontrolled price of soybeans," Aip told Katadata on Thursday, November 16, 2023.

Aip stated that the increase in domestic soybean prices is not only due to the global increase in soybean prices but also the weakening of the rupiah. He explained that the domestic soybean supply still relies on imports purchased using US dollars.

The National Food Agency (NFA) recorded a national average soybean price of Rp13,320 per kg on Thursday, November 16, 2023. This figure is up 2.14% or Rp280 per kg month-on-month.

(Also read: American Soybean Contract Prices Rise for Two Months, Reaching USD 1352.25 per Bushel (Monday, November 13, 2023))