Indonesia is the world's biggest producer of the edible oil used in making foods such as cakes, chocolate, and margarine as well as cosmetics, soap and shampoo, accounting for more than half of the global supply.
Hanoi (VNA) – Indonesian palm oil companies are seeking new markets in Europe, Africa and the Middle East as they try to protect tಌhemselves from the impact of the US's trade war.
Indonesia is the world's biggest producer of the edible oil used in making foods such as cakes, chocolate, and margarine as well as cosmetics, soap and shampoo, accounting for more than half of the global supply.
The 32% tariff that the US imposed on the country make it one of Asia's hardest hit by the US President's sweeping measures that have sent shockwaves around the world.
Palm oil is one of Indonesia's biggest exports to the US, and while Trump has announced a 90-day pause on the levies, producers say the uncertainty is forcing them to look elsewhere to earn their keep.
Eddy Martono, Chairman of the Indonesian Palm Oil Association (GAPKI), told media on April 10 that the pause gives time for them to negotiate, so products can still enter the US.
However, he warned that market diversification must still be done to avoid the impact of the tariffs if they come into force later in the year.
He added that firms would look to Africa, specifically top importer Egypt; the Middle East; Central Asia; and Eastern Europe.
According to GAPKI data, exports of palm oil products to the US have steadily grown in recent years, with Indonesia shipping 2.5 million tonnes in 2023, compared to 1.5 million tonnes in 2020./.
Indonesia’s Ministry of Agriculture has set a target of making the country the world’s largest palm oil producer by 2025, enabling it to influence global prices of the commodity.
Indonesia is expanding its oil palm cultivation to increase crude palm oil (CPO) production as a raw material for 50% biodiesel (B50), according to the country’s Ministry of Agriculture.
Indonesia is conducting tests as it prepares for the incoming government’s plan to increase the palm oil-based biodiesel blending mandate to 50%, up from the current 35%.
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In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
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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