Indonesia Lifts Ban on Palm Oil Exports

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Indonesia Lifts Ban on Palm Oil Exports
Indonesia’s President Joko Widodo has announced that he will lift a ban on palm oil from Monday (May 23) following a sharp drop in domestic palm oil supplies. As Indonesia continues to be the world’s largest exporter of palm oil, the first export ban was imposed on the 28th of last month.

The government had imposed restrictions on exports following the rise in domestic palm oil prices due to declining production and disruptions in supply. President Joko Widodo has addressed the nation via video on the lifting of the ban on palm oil exports.

The manufacturing sector in Palmyra, Indonesia has about 17 million employees. Palmyra production is their main source of livelihood. Meanwhile, due to the rise in domestic palm oil prices, the export of palm oil was banned with the aim of controlling its price to 14,000 rupees (Rs. 74.13) per liter. Joko Widodo has announced that it has decided to encourage re-exports, even though that goal has not yet been achieved.

Production in excess of domestic demand

President Djokovic said, “Production is currently high enough to meet the needs of the Indonesian market. Before the ban on exports in April, the average liter was sold at 19,800 rupees (104.85). After the ban, the average price per liter is between Rs 17,200 and Rs 17,600 (Rs 91.09 to Rs 93.21), ”he said.

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Action by the struggle of the peasants

Indonesia has banned the export of palm oil, which is widely used for home cooking, in a bid to curb inflation. However, the government allowed the export due to protests by farmers who said they could not get adequate prices for their palm seeds due to the ban.

Stumbling international community

Ukraine was the largest exporter of sunflower oil to the international community. Worldwide supply of sunflower oil has been disrupted due to Russia’s war on the country.

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As a result, demand for palm oil has increased and its price has continued to fluctuate. Palm oil supplies about 3 times the total demand of the world oil market. Of this, about 60 percent is exported from Indonesia alone. Indonesia’s price is expected to fall again as Indonesia lifts a ban on palm oil exports.

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