Entering downstream industries, Indonesia plans to ban the export of crude palm oil and bauxite

Original title: entering downstream industries, Indonesia plans to ban the export of crude palm oil and bauxite
Indonesia is planning to stop crude palm oil exports to maximize its downstream industries.
Indonesian President Joko Widodo said on Wednesday that Indonesia is preparing to stop the export of crude palm oil (CPO) and process it into value-added derivatives, Xinhua reported.
"At a later point in time, we will stop the so-called CPO export. It must be processed into cosmetics, butter, biodiesel and other derivatives," vidol said in a video uploaded to the official channel.
According to Reuters, a senior Indonesian Minister said that the country conducted its first test flight on Wednesday using aviation fuel partially derived from palm oil. Indonesia plans to commercialize this fuel and explore more creative applications of palm oil.
Indonesia is one of the world's largest exporters of palm oil. According to the national palm oil producers association, Indonesia's palm oil exports in 2020 were 34 million tons, compared with 13.75 million tons from January to May this year.

Palm oil prices have risen all the way this year. Despite a correction in June, it strengthened again.
In addition to CPO, Indonesia also plans to stop the export of bauxite raw materials and process them into alumina and aluminum metals. International commodity prices soared this year, and aluminum is no exception.

Bloomberg said that Southeast Asia's largest economy has been seeking to develop its commodity value chain: banning the export of unrefined copper ore and later nickel ore, and requiring miners to invest in local smelters.
President Widodo said Indonesia must have the courage to do so, although it may face lawsuits from various institutions, including the world trade organization.
The EU has tried to challenge these export restrictions to the world trade organization.
Widodo said Indonesia should prepare "world-class lawyers" to deal with any legal action.