Indonesia to Resume Palm Oil Exports

May 23, 2022
Indonesia is ending its ban on palm oil exports about a month after it was announced, in a move that should bring some relief for cooking oil prices.

Indonesia is ending its ban on palm oil exports about a month after it was announced, in a move that should bring some relief for cooking oil prices.

Indonesia, a leading exporter of palm oil, imposed a ban on exports in late April, saying it had to protect consumers from rising prices. Russia’s invasion of Ukraine has sent prices of edible oils skyrocketing, because the two nations account for the majority of commercial sunflower production. Sunflower oil supplies have dried up, and other oils have seen price hikes in a cascading effect.

Pressure to rescind the ban came from farmers upset over plunging prices for their palm fruit, and because the country’s storage capacity for palm oil was limited.

“Consumers can breathe a sigh of relief now,” a commodities trader told Bloomberg. Soybean oil prices dropped 1.6% after the announcement.

Sponsored Recommendations

F&B Manufacturer Implements Powerful Cybersecurity

A leading F&B manufacturer has moved to harness the skills of Rockwell Automation and Claroty to harden their OT and IT defences.

6 Ways to Augment Your Food and Beverage Workforce

Modern digital tools and technologies help attract, retain and empower a modern workforce.

2024 Manufacturing Trends - Unpacking AI, Workforce, and Cybersecurity

The world of manufacturing is changing, and Generative AI is one of the many change agents. The 2024 State of Smart Manufacturing Report takes a deep dive into how Generative ...

Better OT Asset Management Increases Uptime

A food and beverage company streamlines and simplifies its OT cybersecurity to increase system reliability and uptime.