Indonesia Not Worried Over EU, Other Markets Up for Grabs - GAPKI

The Indonesian Palm Oil Association (GAPKI) has stated that they are not worried over the new deforestation-free law adopted by the European Union (EU) recently on December 06, 2022.  The new EU regulation will ban the imports of products, including palm oil, which are considered causing deforestation.
The global market of palm oil will be continually growing as it is the  basic need for foods and energy and raw material to feed many other industries.  Hence Indonesia is not worried about losing the European market as there are markets that are continually growing higher and ready to be tapped, according to Joko Supriyono, chairman of GAPKI, quoted by Antara on January 25.
Joko said Indonesia should focus on fighting for the palm oil to enter global trade, wherever the market is, since imports from other countries have continually increased.  He reported that 10 destinations of palm oil exports were China, India, the US, Pakistan, Malaysia, Netherlands, Bangladesh, Egypt, Russia, Italy, adding that the US had increased imports in 2022 to become the third biggest market during the year, coming from fifth in 2021. “The imports of the US had increased from around 400,000 tons to more than 2.0 million tons,” he said.