Indonesia Plans to Restrict Palm Oil Exports Ahead of RamadanThursday, February 23, 2023
Ahead of the fasting month of Ramadan and celebration of Eid al-Fitr this year, Indonesia has planned to limit the export of crude palm oil as the government aims to secure its domestic supply for cooking oil production.
India, one of the world’s major palm oil consumers, said that such plan by Indonesia will not cause shortage of palm oil in the country since its stock has increased to secured level after aggressive imports in the last three months. Besides, according to Ajay Jhunjhunwala, president of the Solvent Extractors Association of India, local supply of rapeseed from new harvest season is expected at 10-15% higher than last year harvest. Moreover, Indonesian export restriction will be possibly revoked after the fasting month of Ramadan, which ends on April 21.