Indonesia Suspends All Exports Of Palm Oil
Written by on April 30, 2022
Indonesia began imposing a complete ban on palm oil exports Thursday, as the world’s largest producer of the commodity risked destabilising a global vegetable oil market already hitting peak prices.
The archipelago nation is facing a shortage of domestic supplies of cooking oil and soaring prices, with consumers in several cities having to wait for hours in front of distribution centres to buy the essential commodity at subsidised rates.
In a last-minute reversal late Wednesday, they clarified the embargo would include all exports of the oilseed and not only products intended for edible oils, as indicated a day earlier.
President Joko Widodo said supplying the country’s 270 million residents was the “highest priority” of his government.
Indonesia produces about 60 percent of the world’s palm oil, with one-third consumed by its domestic market. India, China, the European Union and Pakistan are among its major export customers.
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