Indonesia's palm oil saw huge demand in Portugal

 Indonesia is the leading palm oil supplier in the world. The ban on palm oil exports from Indonesia has disrupted the global palm oil supply chain. This step was taken by Indonesia in order to boost its palm oil imports. 

According to the Indonesia import export data reports, around 30 billion dollars will be spent during the fiscal year 2022. Whereas in 2021, Indonesia's palm oil exports were estimated around 28 billion dollars. Malaysia was the leading palm oil exporter followed by Malaysia during that period.

As per Indonesia export data reports, China was the leading importer of Indonesian palm oil with over 15% share. Other major markets for Indonesian palm oil exports were India, Pakistan, United States, Bangladesh, Malaysia, Egypt, Spain, etc. 

Portugal was another potential market for Indonesian palm oil. Over the last few years, there was around 75% increase in Indonesian palm oil imports by Indonesia. According to the Indonesia customs data, around 50 thousand dollars worth edible oils exports were made to Portugal during the fiscal year 2022. 

It was a bit less as compared to the previous year due to some restrictions. In the fiscal year 2021, these imports were estimated around 624 thousand dollars. Coconut oil, Wool grease, Sunflower seeds, Rapeseeds are other crucial animal, vegetable oil products that Portugal imports from Indonesia. 

Apart from palm oil, Portugal imported footwear products, gaiter, iron, yarn, etc. Footwear was the second most exported product from Indonesia to Portugal with exports worth over 27 million dollars. Indonesia's Fabrics exports to Portugal were estimated around 15 million dollars followed by Frozen fish (7 million dollars), Vehicle parts (5 million dollars), Coffee (2 million dollars), etc. 

Currently, Portugal is the leading importer of cork globally. The most crucial imports of Portugal are mineral fuels, oils, cars, motor vehicles, medicines, computers, cereals, etc.

Indonesia and Portugal are slowly becoming strong trade partners. It is growing at the annual rate of 3.4%. It was just 60 million dollars in 1995. Whereas it was 153 million dollars in 2021. According to the global import export data provider, the total trade value reached 168 million dollars during the fiscal year 2022. It will grow further in the upcoming years.

On the other hand, Indonesia import data reports suggests that around 35 million dollars worth imports were made by Indonesia in the financial year 2022.The top product imports made by Indonesia from Portugal were Gas Turbines, Electronics, Clothing Accessories, Office Machines, etc. Portugal exports to Indonesia are growing at the rate of 5.5%. 

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