The State Logistics Agency (Bulog) will import 350 thousand tons of soybeans to address the issue of rising price of the commodity, Trade Minister Zulkifli Hasan stated.

“(The price of) soybeans has increased. The current stock was bought during the July-August period when the price was still high. President Joko Widodo immediately ordered Bulog to import soybeans,” Hasan remarked after reviewing the prices of basic commodities at the Bukateja Market, Purbalingga, Central Java, Friday.

The increase in the price of soybean has pushed up the price of tempe, or soybean cake, and tofu.

According to the minister, the increase in soybean prices was affected by rising international soybean prices and the weakening of the rupiah.

The price of imported soybean repeatedly scored its highest levels since the start of the year.

On January 31, 2022, soybean price was recorded at Rp12,600 per kilogram (kg), and it increased to Rp14,100 per kg in June 2022.

On July 1, 2022, the price increased further to Rp14,200 per kg and reached Rp14,300 per kg on September 29, 2022.

Hasan remarked that Bulog will import soybeans at a price of around Rp11 thousand per kg and will be sold domestically for Rp10 thousand, so the government subsidizes the remaining price.

The minister noted that soybeans will be imported from several countries, including the United States and Canada.

“The delivery to Indonesia will take about 40-50 days. Hence, in December 2022, we already have cheap soybeans at Rp10 thousand per kg,” he remarked.

Source: Antara News