Indonesia to put restrictions on soybean imports

Indonesia is working to boost domestic soybean production as officials suggest new import restrictions, according to a Global Agricultural Information Network (GAIN) report from the US Department of Agriculture (USDA).

The country’s 2020-21 soybean production is forecast at 470,000 tonnes and imports are anticipated to reach 2.65 million tonnes.

During a Nov. 18 meeting, Indonesia’s Ministry of Agriculture officials recommended increasing soybean import duties, requiring importers to form partnerships with local producers to stimulate domestic production and make imports conditional upon import permits.

The USDA expects Indonesia’s soybean consumption to total 3.16 million tonnes in the 2020-21 marketing year based on increased demand from restaurants and hotels facing fewer social-distancing restrictions.

Feed production in Indonesia is expected to decrease by 9% in 2020 due to weakening COVID-19-related broiler meat demand. However, 2020-21 marketing year soybean meal use for feed in the poultry sector is expected to total 4.6 million tonnes due to an expected uptick in tourism. The USDA anticipates soybean meal imports to slip to 4.65 million tonnes in the 2020-21 marketing year, compared with 5 million tonnes in the previous year.

World-Grain

Tags: Indonesia