Indonesia suspends two-thirds of palm oil exports ahead of Ramadan and Eid

Published 2023년 2월 21일

Tridge summary

The Indonesian government has suspended two-thirds of its palm oil exports to ensure adequate domestic cooking oil supplies for Ramadan and Eid. The decision, part of a plan to increase domestic cooking oil supplies by 50% before the festivities, aims to address rising cooking oil prices. The suspension of 66% of palm oil export permits, in effect from 6 February to 1 May, could result in a significant impact on global palm oil supplies in the first quarter of 2023. Additionally, the average price of subsidised cooking oil in Indonesia has risen by 7%, and there have been reports of shortages in several regions.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The Indonesian government has suspended two-thirds of palm oil exports in a bid to secure domestic cooking oil supplies ahead of Ramadan and Eid, according to a report by the United States Department of Agriculture (USDA) report. The decision was made in response to rising cooking oil prices, the 13 February Foreign Agricultural Service (FAS)’s Global Agricultural Information Network (GAIN) report said. In February, the government had set a target of increasing domestic cooking oil supplies by 50% to 450,000 tonnes in the run-up to Ramadan and Eid festivities, leading to a projected 400,000-800,000 tonnes of the country’s palm oil exports expected to be blocked from 6 February-1 May. The country’s coordinating minister for Maritime and Investment Affairs (Marves) Luhut Pandjaitan had announced on 6 February that 66% of palm oil export permits – export permits that had already been issued to companies that complied with the government’s Domestic Market Obligation (DMO) policy – ...

Source: UkrAgroConsult