The world’s largest exporter and producer of palm oil, Indonesia, is imposing a ban on the export of palm oil from April 28. The reason is a local shortage.
The supply cuts will remain in effect until the Indonesian government is satisfied that the shortage is over, according to Bloomberg, Joko Widodo, the country’s president, said.
This is not the first ban on a sought-after product introduced by the Indonesian authorities. The previous one ran from late January to March, which led to record highs in palm oil prices. Bloomberg, as quoted “European Truth” notes:
“This move by Indonesia is tightening the protectionism of crop producing countries around the world after war broke out in Ukraine. Governments are trying to secure their countries with food in the face of rising prices. Argentina, another major supplier of vegetable oil, has increased export taxes on soybean oil. The UN has urged countries to keep trade open, saying the moves will only lead to further increases in world prices.”
A shortage of edible oil in Indonesia has led to street protests over high food prices and the arrest of a trade official for corruption. The agency writes: “The government has introduced subsidies and police oversight to ensure the delivery of products throughout the country.”
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