Riau's CPO Export Value Drops by Rp13.58 Trillion in May 2022
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The Indonesian government banned the export of crude palm oil (CPO) and several of its derivative products from April 28 to May 22, 2022.
According to the Central Bureau of Statistics (BPS), this export ban caused a significant drop in national CPO exports by 87.72%, or US$2.03 billion in May 2022 compared to the previous month.
Riau province was the hardest hit. In April 2022, Riau recorded CPO exports valued at US$1 billion, but in May 2022, this plummeted to just US$84.4 million.
Thus, the value of Riau's CPO exports decreased by US$916.4 million, or approximately Rp13.58 trillion in May 2022 compared to the previous month (assuming an exchange rate of Rp14,821/US$).
Meanwhile, North Sumatra's CPO exports decreased by US$294.3 million, or approximately Rp4.36 trillion during the same period.
West Sumatra experienced a decrease in CPO export value of US$246.1 million, or approximately Rp3.64 trillion, and East Kalimantan decreased by US$195.5 million, or approximately Rp2.89 trillion during the same period.
Importing countries were also affected by the export ban. India, usually the largest importer of Indonesian CPO, received no Indonesian CPO at all in May 2022.
"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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