Agricom.id, JAKARTA – The uncertain markets may still happen in the global but the increasing vegetable oil markets because of food and cosmetic needs could increase the palm oil markets from Indonesia.

The big palm oil importer countries in Asia are known as having increasing population in every single year. It means that the market demands could also be increasing in 2021.

President of Chamber of Commerce for Import and Export of Foodstuffs Native Produce and Animal By-Product, China, Cao Derong told that palm oil is the biggest vegetable oil imports in the country. The consumption reached 40% of the total consumption for chemical industries.

In 2019, China did imports 8,48 million tons of crude palm oil or 66% of the total vegetable oil imports in the country. Meanwhile, 6,02 million tons of the numbers were from Indonesia. He also mentioned that this happened for the high market demands and China really depends on vegetable oil, namely palm oil.

“By the economic recovery in 2021 namely in catering industries, palm oil consumption would be increasing too,” he said when being a speaker in virtual Indonesian Palm Oil Conference (IPOC) 2020, New Normal that Agricom.id did attend, Thursday (3/12/2020).

But Cao also reminded that there would be impacts of incentive policy from the Government of Malaysia to China. “The Government of Malaysia published the big intensive policy to export palm oil to China. As the result, there would be price gap between from Malaysia and China that would decrease the whole commodity in China from Indonesia,” he said. (A1)