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LATEST NEWS UPDATES | Indonesia ban on palm oil exports starting April 28 rattles Indian markets -Sanjeeb Mukherjee

Indonesia ban on palm oil exports starting April 28 rattles Indian markets -Sanjeeb Mukherjee

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published Published on Apr 22, 2022   modified Modified on Apr 24, 2022

-Business Standard/ Agencies

The country meets almost 45% of India's annual palm oil demand; media reports say ban put in place to check soaring domestic prices of the commodity

In what could have a devastating impact on edible oil prices and supplies in India, Indonesia, which is the world’s largest producer of palm oil and meets nearly 45 per cent of the total palm oil supplied into India annually, has decided to ban exports from April 28 till further notice.

The exports as per media reports has been halted to check soaring domestic prices of palm oil which has created a scenario of unrest in the country.

India imports around 13-13.5 million tonnes of edible oils every year, of which around 8-8.5 million tonnes (around 63 per cent) is palm oil.

Of this, 8-8.5 million tonnes of palm oil, almost 45 per cent comes from Indonesia and the remaining from neighboring Malaysia.

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Business Standard, 22 April, 2022, https://www.business-standard.com/article/economy-policy/indonesia-ban-on-palm-oil-exports-starting-april-28-rattles-indian-markets-122042201291_1.html?fbclid=IwAR1C4vngi_AC39dpLbujvxtu4N2WavHnInPZSuJqMp2iB-Dwm6FLILZeFZI


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