Bank Indonesia (BI) West Sumatra (Sumbar) Representative has revealed a significant potential for crude palm oil (CPO) exports from Ranah Minang to India starting in early 2025. "There's a big opportunity for CPO, especially as India will celebrate Diwali in February 2025," said the Head of BI West Sumatra, Mohamad Abdul Majid Ikram, on Wednesday in Padang. As the world's most populous country, Majid sees this as an export opportunity for CPO from Indonesia, particularly from Sumbar, to India. "This is a significant opportunity, as India's consumption of CPO is substantial," Majid added. BI predicts a rise in CPO exports from August 2024, continuing through November 2025, urging palm oil entrepreneurs and local governments to maximize this opportunity.
However, political tensions in the Middle East could impact exports to India, Pakistan, and other nations. The government and stakeholders must take cautious steps to mitigate potential disruptions due to ongoing conflicts. The Head of the Central Bureau of Statistics (BPS), Sugeng Arianto, reported that Sumbar's export value in August 2024 reached IDR 3.6 trillion, a 64.40% increase compared to July 2024. Exports to India accounted for 32.10% of the total between January and August 2024. Vegetable and animal oils/fats contributed the largest share, surpassing IDR 3 trillion, followed by vegetable products at IDR 134 billion and various chemical products at IDR 123 billion. In addition to India and Pakistan, Sumbar also exports goods to Bangladesh, Vietnam, Malaysia, Japan, Russia, China, Myanmar, and the United States.
