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Palm oil has successfully become Indonesia's largest foreign exchange earner thanks to its abundant production. However, in recent years, this Indonesian flagship commodity has faced negative campaigns from the European Union. Palm oil is considered environmentally unfriendly because it is accused of being one of the causes of deforestation. This has impacted its export volume and value.
Throughout 2018, Indonesia exported 29.6 million tons of palm oil. This figure increased by 2% from the previous year. However, the growth rate slowed compared to 2017, which reached 20%. Meanwhile, this increase in export volume was not accompanied by an increase in export value. The value decreased by 12% to US$ 18.2 billion compared to the previous year's US$ 20.7 billion.
This decline in export value coincided with a 21% drop in international palm oil prices to US$ 535/ton from US$ 679/ton the previous year. The price drop was driven by global palm oil market dynamics and reduced exports to major palm oil destination countries.
"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."
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