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July 05
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Indonesia will lift a month-long ban on palm oil exports, citing improved supply and domestic oil prices, AP reported.

President Joko Widodo said exports would resume on Monday.

Indonesia and Malaysia are the world's largest exporters of palm oil, which plays an important role in their economies. They account for 85% of the world's palm oil production.

Pressure on global vegetable oil supplies has increased due to the war in Ukraine, which accounts for almost half of the world's sunflower oil, in addition to 25% from Russia.

Palm oil prices rose by 200% or more after Indonesia banned the export of vegetable oil and its raw materials to reduce local shortages and contain skyrocketing prices.

Widodo said at a press conference that his government plans to lift the ban if the price of vegetable oil in bulk reaches 14,000 rupees ($0.96) per litre. He said the target has yet to be met, but he expects it to fall even further in the next few weeks as palm oil becomes available.

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