JOURNAL MONITOR VOL. 2 NO. 44 : SOURCES OF INDONESIAN PALM OIL’S FOREIGN EXCHANGE GROWTH DURING THE COVID-19 PANDEMIC

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Indonesian, English

Abstract

  • English
  • Indonesian
The palm oil industry is one of the national strategic industries whose existence is increasingly proven in generating export foreign exchange in the midst of the COVID-19 Pandemic. Export palm oil products generated was USD 23.4 billion between January and August 2021, a 65 percent increase over the same period in 2020. In addition to exporting foreign exchange, the palm oil industry contributed to a USD 2.8 billion savings in foreign exchange for imported diesel fuel due to implementation of the mandatory biodiesel policy (B30). Foreign exchange from palm oil exports increased the surplus non-oil and gas trade, while foreign exchange savings for imported diesel fuel (substitution B-30) reduced deficit in oil and gas trade. The implication is that the palm oil industry has succeeded in creating a trade surplus with a value of USD 20.7 billion, which is the highest trade surplus in the last 30 years. The size of the surplus is very meaningful for the recovery of the national economy after the COVID-19 pandemic. Sources of foreign exchange growth for palm oil exports during this period came from the increase in the volume of palm oil exports, quality improvements as indicated by changes in the composition of exports, and increases in unit export prices. Meanwhile, the source of foreign exchange growth for B-30 imports came from the increase in domestic biodiesel consumption and the increase in global crude oil prices.
Industri sawit adalah salah satu industri strategis nasional yang semakin terbukti eksistensinya dalam menghasilkan devisa ekspor di tengah masa Pandemi Covid-19. Pada periode Januari-Agustus 2021, devisa ekspor yang dihasilkan sebesar USD 23.4 milyar atau mengalami peningkatan sekitar 65 persen dibandingkan pada periode yang sama tahun 2020. Selain devisa ekspor, industri sawit juga berkontribusi menghemat devisa solar impor sebesar USD 2.8 milyar akibat substitusi 30 persen solar impor dengan biodiesel akibat implementasi kebijakan mandatori biodiesel (B30). Devisa dari ekspor sawit tersebut memperbesar surplus neraca perdagangan non migas, sedangkan devisa subsitusi impor B-30 menurunkan defisit neraca perdagangan migas. Implikasinya industri sawit berhasil menciptakan surplus neraca perdagangan Indonesia dengan nilai sebesar USD 20.7 milyar, yang merupakan surplus perdagangan tertinggi tertinggi dalam 30 tahun terakhir. Besarnya surplus sangat berarti bagi pemulihan perekonomian nasional pasca Pandemi Covid-19. Sumber pertumbuhan devisa ekspor sawit pada periode tersebut bersumber dari peningkatan volume ekspor sawit, perbaikan mutu yang ditunjukkan dengan perubahan komposisi ekspor dan kenaikan unit export price. Sementara itu, sumber pertumbuhan devisa subsitusi impor B-30 berasal dari peningkatan konsumsi biodiesel domestik dan kenaikan harga minyak fosil dunia.
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