Jakarta (VNA) – Indonesia is the world’s biggest palmoil supplier as its exports account for 54% of the global palm oil exports.
Coordinating Minister for Economic Affairs AirlanggaHartarto said that in 2023, the country's total palm oil production reached 56million tonnes, of that, 26.33 million tonnes were exported.
According to the minister, palm oil is a strategic commodity forIndonesia. In 2023, the value of palm oil exports reached 28.45 billion IDR (1.7million USD), or close to 12% of non-oil and gas exports.
In addition, the palm oil industry contributes to itslabour sector by directly and indirectly employing 16.2 million people.
Palmoil is also an economic driver in palm oil-producing areas, helping to boostrural development and reducing poverty, he added.
The ministry is focusingon creating a sustainable palm oil industry by undertaking several effortsthrough various policies, including the Indonesia Sustainable Palm Oil (ISPO)certification and the People's Palm Oil Rejuvenation (PSR) programme.
The presidentialregulation on ISPO aims to accelerate sustainable certification for large-scalebusinesses and palm oil plantations, the minister said.
He said the presidential regulation has been revised and theISPO also includes traceability of the palm oil supply chain by strengtheningthe downstream concept.
The government, through the Palm Oil Plantation Fund Management Agency (BPDPKS),has disbursed funds amounting to 9.25 trillion IDR for a land area of 331,007hectares for the PSR programme.
𒐪 Earlier, the governmenthad increased funding for the PSR programme from 30 million ID to 60 million IDR per hectare, he said./.
Indonesia plans to raise its mandatory palm oil-based biodiesel blending to 40% in the next few years, but for now will keep it unchanged at 35%, its Minister for Energy & Mineral Resources Arifin Tasrif has said.
PGN, a Pertamina subsidiary, and three Japanese companies are looking to produce biomethane from palm oil mill effluent (POME) to meet rising natural gas demand and reduce methane emissions, reported the Jakarta Post.
Indonesia on October 27 conducted its first commercial flight using palm oil-blended jet fuel, as the world's biggest producer of the commodity pushes for wider use of biofuels to cut fuel imports.
Indonesian authorities said on December 22 that they will fine palm oil companies operating within forest areas with a total sum of 4.8 trillion IDR (310.1 million USD).
Malaysia's palm oil stocks fell to their lowest in six months at the end of January as production plunged to the lowest level in nine months amid steady exports, the industry regulator has said.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
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Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
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The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
The World Bank will provide a 2.1 billion USD financing package for Indonesia, focusing oncreating jobs, stimulating economic growth, and enhancing access to clean energy across the country.
Illustrative photo (Photo: Antara) 
