Wednesday, 10 August 2022 08:56

Palm Fruit Prices Continue to Rise On The Back of Increasing Exports

The price of fresh palm fruit bunches (FFB) in North Sumatra has soared or has reached IDR 1,630 per kg at the beginning of this week driven by increasing exports. "Alhamdulillah, the price of FFB continues to rise. Earlier this week, the price at the factory was IDR 1,630 per kg," said the Chairman of the Indonesian Palm Oil Farmers Association (Apkasindo) Mandailing Natal, North Sumatra, Aflan Qadafi Nasution in Medan, Tuesday.  On July 25, the price of FFB was still IDR 1,160 per kg.  According to Him, the increase in FFB prices was driven by many factors, starting to increase demand amid production that began to weaken due to the drought/track, including the impact of the increase in crude palm oil (CPO) prices. The hope is that the price of FFB will continue to rise before the bumper harvest that usually starts in September or October. Usually during a bumper harvest where production is abundant, the price of FFB falls. Executive Secretary of the Association of Indonesian Palm Oil Entrepreneurs (Gapki) of North Sumatra, Darma Sucipto, admitted that CPO prices continue to rise.  The CPO price on August 1 was IDR 10,103 per kg and continued to increase until August 9, IDR 11,000 per kg. The price increase was driven by many factors such as increased demand from abroad. Then there is a government policy that encourages an increase in exports. "The government seems to be trying to make regulations that encourage the acceleration of exports of CPO and other products," he said. Minister of Finance Regulation (PMK) No. 123/PMK019/2022 concerning the Second Amendment to PMK No. 39/PMK.010/2020 concerning Determination of Export Goods Subject to Exit Duties and Exit Duty Tariffs issued on August 8, 2022 encourages export volumes.  "Exports really need strong support from the government," he said. Indonesia, he said, must really take advantage of the great opportunity when the COVID-19 pandemic subsides.

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