The Indonesian Ambassador to Pakistan, Adam Mulawarman Tugio, has stated that the current phase of palm oil exports from Indonesia to Pakistan will be completed by July 10th.
He went on to say that five ships have already arrived in the port city of Karachi, with another five scheduled to arrive by the 10th. This discussion comes after Indonesian President Joko Widodo lifted the ban on exports to Pakistan following a discussion with Pakistan’s Prime Minister Shehbaz Sharif on the issue.
The Indonesian government has decided to use 10 ships for oil supply to Pakistan over the next three weeks, in order to meet the needs of the Pakistani people.
The Indonesian Ambassador to Pakistan stressed the importance of the relationship between the two countries, and stated that Indonesia would always be willing to cooperate in order to meet Pakistan’s needs. He also mentioned that the Indonesian government has temporarily banned global palm oil exports in May 2022 in order to regulate the domestic market and provide subsidies for its citizens.
The ambassador pointed out that the current global consumption of palm oil is 70 million tonnes. Of this, 33 million tonnes are produced in Indonesia.
As the world’s largest exporter of palm oil, Indonesia’s market and shipments are impacted by global prices.
In response to another question, the envoy said that Indonesia had lifted the global ban on palm oil exports, which should improve supply in Pakistan.
The Indonesian government is focusing on increasing its supplies of palm oil to Pakistan, according to Tugio. He acknowledged that the recent ban on exports of palm oil has caused difficulties for people and traders in Pakistan, and pledged that the Indonesian embassy in Islamabad will cooperate fully with the local market.
According to data from the Pakistan Bureau of Statistics, palm oil imports have increased by 46.7% in the first three quarters of the fiscal year 2021-22 compared to the same period in the previous year.
Palm oil imports from July-March FY22 were valued at $2.73 billion against imports worth $1.86 billion in July-March FY21.
