Indonesia doesn't export cooking oil, world threatened by inflation
RBD Palm Oil
Indonesia
Published Apr 27, 2022
Tridge summary
The Indonesian government's decision to ban cooking oil and its raw materials is feared to increase global inflation. This is because many countries consume cooking oil as raw material. Crude palm oil or CPO is the most widely used vegetable oil worldwide. Not only used as raw material for cooking oil, CPO is also used as a mixture of biscuits, butter, and soap. Last year's exports of Indonesian CPO and derivative products reached 33.67 million tons, including 25.48 million tons of processed CPO.
Original content
Jakarta, CNBC Indonesia - The contribution of Indonesia's CPO in global vegetable oil exports is estimated to reach more than 60%. Indonesia's large position in the world vegetable oil trade is what made President Joko Widodo's decision regarding the ban on exports of cooking oil and its raw materials to have a major impact on global inflation. "This is bad news for vegetable oil consumers in many countries. They are already heavily dependent on palm oil because of the lack of supplies of sunflower oil, soybean oil and rapeseed oil," said Siegfried Falk, analyst at Oil World, as quoted by VOI. // Before Indonesia, there was Argentina, which also ...
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