JAKARTA, Aug. 29 (Xinhua) -- Indonesia's Ministry of Trade has projected the annual biodiesel export growth rate to the European Union (EU) to remain at 6.7 percent, following the country's recent victory in a World Trade Organization panel dispute on countervailing duties (CVD).
"We certainly hope that our biodiesel export projections will continue to grow at 6.7 percent," said Djatmiko Bris Witjaksono, the ministry's director general of international trade negotiations, at a press conference in Jakarta on Thursday.
According to the ministry, Indonesian biodiesel exports have fluctuated over the past decade, with a decline recorded in 2020-2021 after the imposition of CVD in 2019. The downturn was also influenced by the COVID-19 pandemic and a global drop in biodiesel exports.
During the CVD period from 2020 to 2024, Indonesia's biodiesel exports to the EU still grew by 6.7 percent, with an average annual value of 319.7 million U.S. dollars.
Djatmiko stressed that Indonesia must also balance exports with domestic demand, in line with its energy transition targets. National biodiesel consumption is expected to reach 15.6 million kiloliters by 2045, which could influence future export volumes.
"If we look at the 6.7 percent figure, it can be maintained or even grow," he said.
He also confirmed that the EU, through the Indonesia-EU Comprehensive Economic Partnership Agreement (IEU-CEPA), has committed to opening greater market access, particularly for palm oil and its derivatives.
"Market access is a commitment from the IEU-CEPA, which recognizes that palm oil and its derivatives from Indonesia are renewable and sustainable," he added. ■