Indonesia’s palm oil export ban is causing prices to rise rapidly – and making traders nervous

Palm harvest in Indonesia

The high food prices ensure an export stop: The oil is used in Asia in the kitchen for many dishes.

(Photo: LightRocket/Getty Images)

Bangkok, Dusseldorf The fasting month of Ramadan ends on Sunday. And with that begins the festival of breaking the fast, the second highest Muslim holiday. In Indonesia, the world’s largest Muslim country in terms of population, this should be celebrated appropriately again after two years of restrictions. But there is one obstacle: the sharp rise in food prices.

Citizens in the capital are protesting and demanding that the government make food affordable. Indonesia’s President Joko Widodo is reacting – and is currently unsettling retailers and consumers around the world. The head of government, who is usually referred to as Jokowi, announced an export ban on palm oil that will come into effect on Thursday.

Cooking oil is a staple food in large parts of Asia. If the price for this falls, cooking becomes cheaper. In industrialized countries, the oil is not only in food, but also in cosmetic products and biofuels.

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