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BI Predicts West Sumatra's Exports to Rise Ahead of Diwali
WINDONESIA October 16, 2024
BI West Sumatra Head Mohamad Abdul Majid Ikram. (Antara/Muhammad Zulfikar)
Bank Indonesia (BI) West Sumatra Province Representative Office predicted that West Sumatra's exports will increase again in October to November 2024 due to the celebration of Diwali in India.
"Especially the export of Crude Palm Oil (CPO), which is mostly exported to India and other Asian regions," BI West Sumatra Head Mohamad Abdul Majid Ikram revealed on Oct. 2, 2024.
He reminded that India is predicted to need a significant amount of food commodities, especially CPO, due to the upcoming celebration of Diwali in February 2025.
"Diwali is similar to Eid, but India has a larger population than Indonesia so that will be a great potential," Abdul Majid explaind.
He added that the Indian people consume quite a lot of CPO, so it will be a great potential to increase West Sumatra's number of exports.
"I estimate that India's CPO import needs will indeed increase very significantly until October and November" he said.
However, Abdul Majid said he is concerned about the rising tensions in the Middle East today, noting that the current war between Israel and Iran will affect the distribution of goods from Indonesia to other Asian regions. He hoped the conflict will eventually subside so that CPO exports can continue to increase.
Statistics Indonesia (BPS) previously noted that West Sumatra's export value for animal and vegetable fats and oils increased drastically in August 2024 to reach US$202.75 million. In addition, exports of vegetable materials reached US$8.8 million, and exports of various chemical products amounted to US$8.09 million.
Source: sumsel.idntimes.com