Indonesia bans the export of palm oil, which increases prices

Bangkok Indonesia is threatening the supply chains of the global food industry with an export ban on palm oil. The world’s largest producer of the important agricultural commodity, which is found in frozen pizzas, ice cream and chocolate, among other things, will stop all exports from Thursday. This was announced by the country’s President, Joko Widodo, in a video speech. The decision puts the market for edible oils under additional massive pressure: The Ukraine war had already caused prices to rise sharply – the country is an important supplier of sunflower oil.

With the export ban, Indonesia, which has so far covered more than half of global palm oil deliveries and more than a third of all cooking oil requirements, wants to cushion the price increases in its own country: He will personally monitor the implementation of the export ban, “so that cooking oil on the domestic market is plentiful again and affordable,” said Widodo.