Indonesia does not use us GSM credit, US soybean meal wheat sales are hit

Introduction: Indonesia's decision not to use U.S agricultural export credit guarantee this year is likely to hit U.S soybean meal and wheat sales, and open a wide door for sales from other regions After Jakarta decided not to use the gsm-102 project in 2001 / 02, Indonesian commodity traders are considering access to trade financing, and US Food and soybean trade officials say the impact of this decision will be huge John lindbaum, Southeast Asia director of the American Soybean Association, said there was no doubt that US soybean meal sales would be hit Once the South American soybean meal begins to be listed, if the GSM project is not implemented, then there will be no sale of American soybean meal to Indonesia The government will not use the GSM project in 2001 / 02 in order to protect locally produced goods, Farid BAHA, director of food crops at Indonesia's Ministry of agriculture, said Wednesday The project is to provide loans from the U.S government through the U.S private bank to overseas approved banks to finance the export of American agricultural products More than 60% of the GSM lines Indonesia received last year were used to finance Indonesia's purchases of us soybeans and soybean meal Indonesia purchases 1.3 million tons of soybeans annually, mainly for food, of which 95% are from the United States In 2000 / 01, U.S soybean sales to Indonesia soared from 258000 tons last year to about 800000 tons, compared with only 10000 tons two years ago This is mainly due to the GSM project and last year Indonesia banned the import of unprocessed grain from South America Despite the government's decision, Indonesia will continue to buy U.S soybeans because there are few other options, trade officials said Importers have been hesitant to buy soybeans from South America after the government banned them last year due to the outbreak of foot-and-mouth disease Without GSM, however, India could seize the opportunity to regain some of the market share it has seized as a result of us export credit Lindbergh said India's sales will definitely increase, and China's sales to Indonesia may also increase (author:) share to feed Weibo share to: