Roberto Akyuwen
Senior Lecturer, Finance Training Center Jogjakarta, Ministry of Finance RI
Jl. Solo Km 11, Kalasan, Sleman, Jogjakarta 55571, Indonesia
Telephone: 62-274-496219, Facsimile: 62-274-497235
Email: robertoakyuwen@yahoo.com
Arifin Indra Sulistyanto
Senior Managing Director, Indonesia Eximbank,
Indonesia Stock Exchange Building Tower II, 8th Fl., SCBD
Jl. Jend. Sudirman Kav. 52-53 Jakarta 12190, Indonesia
Telephone: 62-21-5154638, Facsimile: 62-21-5154639
ABSTRACT
Oil palm has played an important role in supporting Indonesia’s economy. The main product of oil palm plantation is crude palm oil (CPO) and most of it has been exported to various countries. In 2006, total export volume of CPO has reached 12.1 million tons with the value of US$ 4.82 billion. Since 2007, Indonesia has become the main CPO producer in the world, replacing Malaysia. Total production of Indonesia’s CPO in 2007 was 16.8 million tons. This research is aimed at analyzing the dynamics and factors affecting the performance of CPO export. The main tool of analysis was multiple regressions by occupying 38 years of time series data. The other tools were descriptive statistics, test of statistic between two means, and trends. It was found that government policies were not optimum in supporting the performance of Indonesia’s CPO export. For instance, the government was inconsistent in implementing export tax and domestic market obligation (DMO) schemes and has no specific effort to build infrastructures which were vitally needed by CPO producers such as export ports and storage tanks. Furthermore, the government of Indonesia was only passive in responding to negative issues and black campaigns launched repeatedly in international market. At the upstream, there was no policy synergy between central and local governments in overcoming land certification and permission administration problems in palm oil plantations. The export financing was the most important factor which has significant and positive impact on Indonesia’s CPO export volume. The other factor was CPO price in the world market. The black campaign also has significant but negative impact. The black campaign launched in the international market includes negative effects of food containing CPO on consumer’s health and production process of CPO which has damaged the environment. The prices of sunflower and soybean oil were the last two factors which have had significant and positive impact on CPO export volume. On the reverse, variables which have no impact on Indonesia’s CPO export volume include domestic price, domestic consumption, CPO production volume, exchange rate, GDP per capita of export destination countries, world crude oil price, and government policy. Although affected by global crisis, Indonesia’s CPO export still has a very bright prospect in the future due to increasing consumption of various products which were produced by using CPO as production input. The international demand on CPO will increase in the years to come in line with the growth of world population.
Keywords: crude palm oil, production, export, exports financing, CPO price, black campaign, sunflower and soybean oil prices.
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