South Korea: Palm oil imports hit an all-time high

Over $1,400 per ton... doubling in 2 years Last month, the price of imported palm oil in Korea surpassed $1,400 per ton, reaching an all-time high. The price of consumer goods such as ramen, sweets, and cosmetics that use palm oil as an essential ingredient is also expected to rise. Indonesia, the world's largest exporter of palm oil, announced that it would stop exporting palm oil and raw materials from the 28th, raising concerns that prices may rise further and domestic supply shortages may arise. According to the Korea Customs Service on the 26th, the amount of palm oil imported last month was 62,192 tons, and the import amount was 90.38 million dollars. The import price per ton was $ 1,453, the highest since January 2000 when statistics began to be compiled. This is the first time that the import price per ton has exceeded 1,400 dollars. It has nearly doubled from two years ago, when the novel coronavirus infection (COVID-19) was initially spread. The reason the ...