Market Integration of Palm Oil in South Sumatera
Taufiq Marwa, Abukosim, Mukhtaruddin, Abdul Bashir, and K.M. Husni Thamrin
Faculty of Economics, Universitas Sriwijaya, Palembang, Indonesia
Keywords: central market, local market, market integration, palm oil
Abstract: This study aims to determine the integration of the palm oil commodity market in South Sumatra. This market
integration will be seen through the effect the price of palm oil in the central market on the price of palm oil
in the local market and the influence of prices on the local market on the price of palm oil in the central
market. The data used in this study are secondary data issued by the Central Bureau of Statistics (BPS) of
South Sumatra Province, Directorate General of Plantations, and other relevant institutions. The analytical
tool used in this study is the granger causality test. The results indicate that there is a one-way influence that
the price of palm oil in the local market influences the price of palm oil in the central market while the price
of palm oil in the central market does not affect the price of palm oil in the local market.
1 INTRODUCTION
Palm as a producer of palm oil is one of the
plantation crops that is the mainstay of South Sumatra
Province in generating foreign exchange. The export
value of palm oil in South Sumatra Province ranks
second after rubber commodities. Palm oil's
contribution to the export value of South Sumatra is
in the range of 10 percent, while rubber is 70 percent.
The development of the palm plantation in the
Province of South Sumatra cannot be separated from
the existence of government policies that provide
various incentives, especially the ease of licensing
and investment subsidy assistance for the
development of smallholder plantations with the
PIRBun pattern and in the opening of new areas for
large private plantation areas (Azwardi, Bashir,
Adam, & Marwa, 2016; and Departemen
Perindustrian, 2007).
Currently, South Sumatra ranks third after Riau
and North Sumatra in terms of area and total palm oil
production in Indonesia. The total area of palm oil
plantations in Indonesia in 2014 was 8,224,468 acres,
and production in 2014 was 29,344,479 tons. The area
of oil palm in South Sumatra in 2014 was 1,111,050
acres (554,687 acres of people's plantations, 55,221
acres of state plantations, 501,142 acres of private
plantations) (Direktorat Jenderal Perkebunan, 2014).
South Sumatra's palm oil production amounted to
2,852,988 tons (1,213,457 tons of smallholder
plantations, 138,414 tons of State plantations,
1,501.11t tons of private plantations). Three regencies
that have the largest area of oil palm plantations in
South Sumatra are Musi Rawas District (14.51% of
the total area of oil palm plantations in South
Sumatra) Musi Banyuasin District with an area of
20.72% of the total area in South Sumatra, and
Banyuasin District (29, 78%).
The price of fresh palm bunches (TBS) in most
palm oil producing areas in Indonesia at the farm
level often experiences very large fluctuations.
Although the price level has been regulated by the
Minister of Agriculture (2013) Regulation Number
14 of 2013 concerning Guidelines for Determining
the Price of Fresh Palm Bunches (TBS), the price
level of TBS at the farm level often experiences a
decrease far below the government decree price.
The prices received by farmers are very dependent
on the market structure of the palm oil commodity.
Market structure can be characterized by the level of
market control (market concentration) by a particular
company, the higher the level of market concentration
(the higher the market controlled by certain sellers or
buyers) then the more it is shaped to have an
imperfect competition market structure. Market
structure that can be measured by market
concentration can affect competition conditions and
price levels (Marwa, 2001; and Marwa, Bashir,
Adam, Azwardi, & Thamrin, 2017).
432
Marwa, T., Abukosim, ., Mukhtaruddin, ., Bashir, A. and Thamrin, K.
Market Integration of Palm Oil in South Sumatera.
DOI: 10.5220/0008441004320438
In Proceedings of the 4th Sriwijaya Economics, Accounting, and Business Conference (SEABC 2018), pages 432-438
ISBN: 978-989-758-387-2
Copyright
c
 2019 by SCITEPRESS – Science and Technology Publications, Lda. All rights reserved

Based on the previous explanation, this study
analyses the relationship of palm oil price at local
market and its price on central market.
2 LITERATURE REVIEW AND
RESEARCH METHOD
Market integration is the relationship between
markets; in this study what will be seen is whether
there is a link between the palm oil market at the
producer or local market level and the central palm
oil market (Mulyana, 2006). Linkages between
markets are usually characterized by a relationship
between prices in a market and prices in other
markets. The market has a price relationship with one
another (Hasibuan, 1993). This is because sellers and
buyers will communicate with each other through
price signals. Thus, price is a form of communication
signals that serve many variations to coordinate
market decisions. The strength of market demand and
supply shapes market prices (Adam, Marwa, Husni
Thamrin, & Bashir, 2017). If the inter market has a
link between the power of demand and supply, the
price between markets will be integrated (Azwardi et
al., 2016; Marwa, 2001; Marwa et al., 2017).
The price level between markets can vary, the
difference in price between markets is caused by the
costs of moving from one market to another. The
costs of moving goods from one market to another
include transportation costs, administrative costs,
wage costs and others. So it can be understood that
the movement of agricultural products from the local
market to other local markets and the movement from
the local market to the central market usually
experience several obstacles, including distance
problems and other infrastructure constraints. As a
result of these constraints, there will be price
differences in each of these markets (Marwa, 2001;
and Marwa et al., 2017).
In order to measure the level of market
integration, a linear regression model will be used
while the Granger method will be used to conduct
causality testing.
2.1 Regression Model
The general model of Market Integration is as
follows:




Where: P
x
is the price of palm oil at the farm/local
level; P
y
is The price of palm oil at the manufacturer
level; and a and b is parameters.
Referring to Marwa (2001); and Monke & Petzel
(1984) if both markets are independent from one
another then the price movements in both markets
will spread randomly, or do not related to each other.
Thus, the market is not integrated (Hasibuan, 1993).
This will be characterized by the coefficient b
which is not statistically and significantly different
from zero. Conversely, if the coefficient b is
statistically and significantly different from zero, the
two prices analyzed are dependent to one another.
This also shows that, to a certain degree, the market
is integrated. In details, the relationship can be seen
in Table 1.
Tabel 1: The level of market integration based on simple
regression analysis
Coefficient
Relationship
Integration Level
a = 0, b = 0
Independent
Not integrated
a  0, b = 0
Independent
Not integrated
a = 0, b>0 & b = 1
Identical
Integrated
a = 0, b>0 & b  1
Pure Percentage
Premium
Integrated
a  0, b>0 & b = 1
Absolute Premium
Somehow
Integrated
a  0, b>0 & b  1
Pure Perc.& Abs.
Premium
Somehow
Integrated
Source: Monke & Petzel (1984)
2.2 Granger Method to Test Causality
The general model of causality testing of Granger
is as follows:
The general model of Market Integration is as
follows:




















Where: X
t
is The price of palm oil at the
farm/local level; Y
t
is The price of palm oil at the
manufacturer level (which is measured by export
prices); u
t
and v
t
are error terms that are assumed not
to contain serial correlation and m = n = r = s.
The regression results of these two forms of linear
regression models will produce four possibilities
regarding the value of each regression coefficient:
Market Integration of Palm Oil in South Sumatera
433

The general model of Market Integration is as
follows:




There is one-way causality from Y to X












There is one-way causality from X to Y












X and Y are free












There is two-way causality of X and Y
3 RESULT AND DISCUSSION
3.1 The Development of Palm Oil
Production in Indonesia
Palm oil commodities currently become one of the
mainstay commodities in Indonesia, commodities
that can produce palm oil can provide considerable
added value, especially the added value obtained
from the production that is exported. In addition, it
can become one of the sources of state foreign
exchange revenue.
The development of palm oil production in the
period of 1998-2015 shows a fluctuating trend, it can
also be influenced by erratic weather, as well as
supporting materials such as fertilizer and others.
When viewed from the production growth in the
period of 1998-2015, the highest growth was
experienced in 2001 at 19.94 percent, up from the
previous year of 8.44 percent. Furthermore, the
highest production growth was experienced in 2005,
amounting up to 18.61 percent.
Currently, oil palm plantations need to be
rejuvenated, in addition to the need for technological
innovations and other supporting materials in order to
increase the yield of palm oil in Indonesia. With this
effort, Indonesia is expected to become a world oil
exporting country. Currently Indonesia is still inferior
to Malaysia, currently Malaysia has become the
world's palm oil producing country that is calculated
at the world level.
Table 2: Plant Area & Production of Indonesian Palm Oil
Plantations 1998-2015
Year
Production
(acres)
G
(%)
Size (acres)
AP Per
Acres (Ton)
1998
5.930.415
3.560.196
1,67
1999
6.455.590
8,86
3.901.802
1,65
2000
7.000.508
8,44
4.158.076
1,68
2001
8.396.472
19,94
4.713.431
1,78
2002
9.622.344
14,60
5.067.058
1,90
2003
10.440.834
8,51
5.283.557
1,98
2004
12.326.419
18,06
5.717.026
2,16
2005
14.619.830
18,61
5.950.321
2,46
2006
16.569.927
13,34
6.284.960
2,64
2007
17.796.374
7,40
6.853.916
2,60
2008
19.400.794
9,02
7.333.707
2,65
2009
21.390.326
10,25
7.949.389
2,69
2010
22.496.857
5,17
8.548.828
2,63
2011
23.995.973
6,66
9.102.296
2,64
2012
26.015.519
8,42
10.133.322
2,57
2013
27.782.004
6,79
10.465.020
2,65
2014
29.278.189
5,39
10.754.801
2,72
2015
31.284.306
6,85
11.300.370
2,77
Av
17.266.816
10,37
7.059.893
2,32
Source: Badan Pusat Statistik (2015) Note: AP = Average
product; Av= Average; G = growth
Figure 1: Indonesian Palm Plantation Production Growth
1999-2015
Source: Badan Pusat Statistik (2015)
The development of palm oil exports in the period
of 1998-2015 experienced quite varied fluctuations.
When viewed from the growth of palm oil exports for
the period of 1998-2015, in 1999, the export of palm
oil production grew by 123.01%, a high growth at the
beginning of the recovery of the world economic
crisis in 1997.
But there was also a declining growth in the year
2007, which is fell by -1.86 percent, and in 2010, fell
8,86
8,44
19,94
14,60
8,51
18,06
18,61
13,34
7,40
9,02
10,25
5,17
6,66
8,42
6,79
5,39
6,85
0,00
5,00
10,00
15,00
20,00
25,00
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
SEABC 2018 - 4th Sriwijaya Economics, Accounting, and Business Conference
434

by -3.19 percent. The reason for such decline is the
price. The unpredictable palm prices can lead to the
fluctuation in the production of palm oil especially at
the level of smallholder plantations.
Table 3: Development of Indonesia's Export Volume and
Value from 1998-2015
Year
Volume (Tons)
Export
(US$ 000)
G (%)
1998
1.479.278
745.277
-
1999
3.298.987
1.114.242
123,01
2000
4.110.027
1.087.278
24,58
2001
4.903.218
1.080.906
19,30
2002
6.333.708
2.092.404
29,17
2003
6.386.409
2.454.626
0,83
2004
8.661.647
3.441.776
35,63
2005
10.376.190
3.756.283
19,79
2006
12.100.921
4.817.642
16,62
2007
11.875.418
7.868.640
-1,86
2008
14.290.686
12.375.569
20,34
2009
16.829.206
10.367.621
17,76
2010
16.291.856
13.468.966
-3,19
2011
16.436.202
17.261.248
0,89
2012
18.845.020
17.602.168
14,66
2013
20.577.976
15.838.850
9,20
2014
22.892.224
17.464.754
11,25
2015
26.467.564
15.385.275
15,62
Average
12.342.030
8.234.640
20,80
Source: Badan Pusat Statistik (2015)
Note: G= Growth
Table 4: The World's Main Palm Oil Producer, 2009 - 2015
Country
Volume (000 Tons)
2009
2010
2011
2012
2013
2014
2015
Indonesia
21.000
22.100
24.100
26.300
28.500
30.800
31.284
Malaysia
17.566
16.993
18.912
18.650
19.216
19.930
21.000
Thailand
1.310
1.380
1.530
1.600
1.970
1.930
2.300
Nigeria
870
885
930
940
970
1.010
970
Colombia
802
753
941
970
1.040
1.120
1.175
Ecuador
448
380
495
550
495
515
560
Others
3.107
3.367
3.650
3.804
4.123
4.281
4.385
Average
6.443
6.551
7.223
7.545
8.045
8.512
8.811
Total
45.103
45.858
50.558
52.814
56.314
59.586
61.674
Source: Oil World Annual (2009-2015), Malaysia Palm Oil Board
When viewed based on the main producer
countries of world palm oil, Indonesia is a major
producer in the world. Then followed by Malaysia,
Thailand, Nigeria, Colombia, Ecuador, and others.
But the problem at the moment is the unpredictable
price of palm oil, there is a tendency for prices to rise
and become a problem which should be revealed
whether it is a determining factor in the price of world
palm oil. Hypothetically, the price of palm oil has an
integration with each other, both in the local market
and in the international market.
The contribution of palm oil commodities
contributes to a large amount, especially for foreign
exchange. In addition, when viewed from the
contribution of the value of palm oil commodity
exports to Gross Domestic Product (GDP), it is quite
encouraging for the role of one commodity, the
highest share can be seen from the period 2007-2009
which is 2.30 percent, 2.76 percent, and 2.29 percent.
Meanwhile the lowest share was experienced in 2000-
2001, which was 0.84 percent and 0.71 percent.
Table 5: Share the Export Value of Oil Palm to GDP, 1998
– 2015 (Percentage)
Source: Badan Pusat Statistik (2015)
Indonesia's palm oil exports throughout 1998-
2015 tended to increase. This is a manifestation of the
State's demand in the world for palm oil, besides that,
Indonesia is now also the world's palm oil producer.
Even though the price of palm oil commodities
currently does not provide great benefits for
producers in the region, especially in rural areas.
3.2 The Development of Palm Oil
Production in South Sumatra
Currently, South Sumatra ranks third after Riau
and North Sumatra in terms of area and total palm oil
production in Indonesia. The total area of palm oil
plantations in Indonesia in 2014 was 8,224,468 acres,
and production in 2014 was 29,344,479 tons. The area
of oil palm in South Sumatra in 2014 was 1,111,050
acres (554,687 acres of people's plantations, 55,221
acres of state plantations, 501,142 acres of private
plantations).
The development of palm oil production in South
Sumatra varies from year to year, but if seen from the
growth in the period of 1998-2015, it shown that in
Year
Export
(Rp. Million)
GDP
(Rp. Million)
Share (%)
1998
11.551.794
765.950.523
1,51
1999
9.994.751
994.009.603
1,01
2000
13.281.101
1.583.376.613
0,84
2001
11.862.943
1.668.648.255
0,71
2002
19.563.977
1.749.205.863
1,12
2003
20.520.673
1.987.348.864
1,03
2004
32.937.796
2.547.821.882
1,29
2005
39.816.600
2.810.088.527
1,42
2006
43.734.554
3.288.426.051
1,33
2007
93.400.757
4.052.464.133
2,30
2008
155.932.169
5.659.456.019
2,76
2009
128.040.119
5.588.970.527
2,29
2010
146.407.660
6.932.519.461
2,11
2011
148.187.814
8.028.685.219
1,85
2012
175.229.582
8.875.802.062
1,97
2013
193.233.970
11.122.756.702
1,74
2014
203.551.708
11.077.659.208
1,84
2015
201.193.241
12.384.928.299
1,62
Market Integration of Palm Oil in South Sumatera
435

certain years there is a striking growth lie in 2005 as
it grew by 312 percent, it was also accompanied by
an increase in the number of companies as many as
132, of which there were only 91 companies in the
previous year. In addition, the increase can also be
caused by the conversion of agricultural land into
plantation land.
Table 6: Plant Area, Production & Number of People's Palm
Oil Plantations in South Sumatra, 1998-2015
Year
Area (acres)
Production
(Tons)
G (%)
Number of
Large
Plantation
1998
314.967
512.505
-
72
1999
455.750
615.038
20,01
87
2000
384.496
844.261
37,27
87
2001
408.065
903.070
6,97
72
2002
398.269
937.884
3,86
72
2003
352.064
856.399
-8,69
77
2004
411.546
1.231.538
43,80
91
2005
454.065
5.080.363
312,52
132
2006
499.981
1.043.251
-79,47
138
2007
550.524
1.388.007
33,05
147
2008
605.886
1.049.645
-24,38
190
2009
720.682
1.986.559
89,26
190
2010
862.276
2.542.822
28,00
206
2011
820.787
2.203.275
-13,35
230
2012
828.114
2.242.649
1,79
241
2013
1.060.573
2.690.620
19,98
241
2014
1.111.050
2.852.988
6,03
243
2015
1.002.196
3.034.697
6,37
238
Average
624.516
1.778.643
28,41
153
Source: Badan Pusat Statistik (2015)
South Sumatra's palm oil production amounted to
2,852,988 tons (1,213,457 tons of smallholder
plantations, 138,414 tons of State plantations,
1,501.11 tons of private plantations).
Three regencies that have the largest area of oil
palm plantations in South Sumatra are Musi Rawas
District (14.51% of the total area of oil palm
plantations in South Sumatra) Musi Banyuasin
District with an area of 20.72% of the total area in
South Sumatra, and Banyuasin District (29, 78%).
Table 7: Plant area, production of large & people’s oil palm
plantations in South Sumatra 2015
No
Regency/City
Area
(acres)
Production
(Tons)
AP
Per acres
(Tons)
1
Ogan Komering Ulu
20.785
45.146
2,2
2
Ogan Komering Ilir
80.383
179.358
2,2
3
Muara Enim
74.285
193.719
2,6
4
Lahat
40.967
125.303
3,1
5
Musi Rawas
103.256
320.356
3,1
6
Musi Banyuasin
147.502
383.456
2,6
7
Banyuasin
211.988
266.119
1,3
8
OKU Selatan
389
136
0,3
9
OKU Timur
20.788
43.127
2,1
10
Ogan Ilir
10.036
26.196
2,6
11
Empat lawang
340
73
0,2
12
PALI
-
-
-
13
Musi Rawas Utara
-
-
-
14
Palembang
-
-
-
15
Prabumulih
874
2.775
3,2
16
Pagar Alam
-
-
-
17
Lubuk Linggau
235
548
2,3
South Sumatera
711.828
1.586.312
2,2
Source: Badan Pusat Statistik (2016)
Note: AP = Average Product
Table 8: Producer Price Trends and Central Palm Oil
Market Prices 1998-2015
Year
Central Market
Price (Rp/Kg)
Producer Price is
South Sumatera
(Rp/Kg)
1998
7.809
3.450
1999
3.030
1.025
2000
3.231
2.641
2001
2.419
2.476
2002
3.089
3.307
2003
3.213
2.591
2004
3.803
2.490
2005
3.837
2.104
2006
3.614
2.085
2007
7.865
2.214
2008
10.911
1.017
2009
7.608
733
2010
8.987
1.021
2011
9.016
1.329
2012
9.298
1.125
2013
9.390
1.359
2014
8.892
1.340
2015
7.602
1.221
Average
6.312
1.524
Source: BPS South Sumatera (2014)
The price of fresh palm bunches (TBS) in most
palm oil producing areas in Indonesia at the farm
level often experiences very large fluctuations.
Although the price level has been regulated by the
Minister of Agriculture (2013) Regulation
(Permentan) Number 14 of 2013 concerning
Guidelines for Determining the Price of Fresh Palm
Bunches (TBS), the price level of TBS at the farm
level often experiences a decrease far below the
government decree price.
The prices received by farmers are very dependent
on the market structure of the palm oil commodity.
Market structure can be characterized by the level of
market control (market concentration) by a particular
company, the higher the level of market concentration
(the higher the market controlled by certain sellers or
buyers) then the more it is shaped to have an
imperfect competition market structure.
SEABC 2018 - 4th Sriwijaya Economics, Accounting, and Business Conference
436

Market structure that can be measured by market
concentration can affect competition conditions and
price levels (Marwa, 2001). According to the table
above, price developments show a fluctuating trend
and are quite varied between the central market price
and the price of palm oil producers in South Sumatra.
From these developments, the average market price
of palm oil is 6,312 per kg, while for the South
Sumatra producer the average price is only 1,524 per
kg.
There were periods in which producer prices were
quite high compared to other periods in 1998 and
2002 with prices of Rp. 3,450 per kg and Rp. 3,307
per kg, during which period the best prices were
received by producers. In 2009, the price of South
Sumatra producers dropped by a price of Rp. 733 per
kg.
This price occurred after the crisis in 2008,
meaning that the economic crisis could also affect the
price of palm oil commodities, especially in
Indonesia which is the main producer in the world.
3.3 Market Integration Analysis
To find out whether market integration exists in
South Sumatra, "Monke and Petzel" criteria is used.
Based on these criteria, it turns out that the palm oil
market in South Sumatra is integrated (there is a
relationship between the price of oil in the central
market and the price of palm oil in the local markets
of South Sumatra).
Table 9: Granger Causality Model of Estimation Results
Pairwise Granger Causality Tests
Sample: 1998 2015
Lags: 1
Null Hypothesis:
Obs
f-Stat
Prob.
PRSS does not Granger Cause PRPP
17
7.35198
0.0169
PRPP does not Granger Cause PRSS
0.18833
0.6709
Source: Authors calculation
According to the estimation data above (granger
causality test), it shows that the direction of the
relationship between the price of palm oil in the
producer market and the price of palm oil in the
central market is; the palm oil market in the local
market (producer market) influences central market
prices but not vice versa.
The price of palm oil in the central market (PRPP)
does not affect the price of palm oil in the local
market (producer market). This condition is
reinforced by the estimation of the effect of palm oil
price in the central market on the price of palm oil in
the local market as shown in table 10.
Table 10: Estimation of Market Integration Model Results
Dependent Variable: ln(PRSS)
Method: Least Squares
Included observations: 18
Variable
Coefficient
Std. Error
t-Statistic
Prob.
Constant
5.40225
1.428988
3.780473
0.0016
ln(PRPP)
0.21493
0.165260
1.300557
0.2118
R
2
0.09561
Adj-R
2
0.03908
F-stat
1.69145
Prob(f-stat)
0.21183
Source: Authors calculation
Table 10 shows that the price of palm oil in the
central market does not affect the price of palm oil in
the local market in South Sumatra. The insignificant
influence of the price of palm oil in the central market
on the price of palm oil in the local market (South
Sumater) indicates that there is no integration of the
palm oil market in these two markets.
The insignificant influence of the price of palm oil
in the central market on the price of palm oil in the
local market indicates that prices formed in the local
market have different mechanisms and are apart from
price formation in the central market (international
market). This condition is understandable because the
price of palm oil in the local market is largely
determined by government policy in determining the
price of Fresh Palm Bunches (TBS) and a large
portion of TBS is sold to certain buyers whose
numbers are relatively limited (leading to the
oligopsonic market).
4 CONCLUSION AND
DISCUSSION
4.1 Conclusion
Based on the results of the discussion above, it can
be concluded that the price of palm oil in the central
market does not affect the price of palm oil in the
local market, whereas prices in the local market affect
prices in the central market.
4.2 Suggestion
The role of the government in determining prices
at the producer level must continue to be optimized,
because Indonesia has strengths, one of which is that
Market Integration of Palm Oil in South Sumatera
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Indonesia has become a major producer at the
ASEAN level. In addition, market integration that
occurs needs to be optimized so as not to harm
farmers as producers. Price information between
markets, infrastructure so that the mobility of goods
and people between markets can be smoothly needs
to be facilitated by the government.
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