JAKARTA, Oct. 13 (Xinhua) -- Indonesia is preparing to stop exports of crude palm oil (CPO) while maximizing its downstream industries which will process the commodity into derivative products with added values, President Joko Widodo said on Wednesday.
The president said Indonesia must have the courage to do that, although the country has the potential to face lawsuits from various institutions including the World Trade Organization.
In addition to the CPO, Indonesia also plans to stop exports of raw bauxite and will process it into alumina and aluminum metal. In January 2020, Indonesia officially banned the sale of nickel ore to other countries.
The Indonesian Palm Oil Producers Association noted that the country's CPO export volume stood at 34 million tons in 2020, while from January to May this year the figure was recorded at 13.75 million tons.