Indonesia Hoping To Turn Exporter Next Year

Indonesia is hoping to take advantage of the rising global demand for rice and become a net exporter of the commodity next year, taking a complete u turn from its position last year as southeast Asia's biggest rice importer.

According to Mustafa Abubakar, the director of Bulog, Indonesia's state procurement agency, Indonesia was looking at the Philippines and Malaysia as its potential markets for exports next year.

Under new rice export rules put in place in April, Bulog, the only agency allowed to export the grain, can start shipments once domestic prices are below a government-set target and stocks exceed 3 million MT over what the country needs every year.
 
Indonesia expects to produce at least 34 million MT of rice this year, or around 6% more than the consumption target of 32 million MT.