Indonesia palm oil association said that shipments of palm oil to US may decline by 15-20% because of threats by USA to put 32% tariff on Indonesian goods , which from the past three years on an average was 3.2 mt.
The competitiveness of palm oil will also be decreased as prices of other vegetable oils like soybean will almost become equivalent to palm oil and it will be a good news for countries supplying specially vegetable oil receiving lower tariffs as compare to Indonesia.
This will be a great opportunity for Malaysia as they will have lesser tariff as compare to Indonesia.
Indonesia exports stood at 29.5 mt for last year 2024.
