Palm oil – Indonesia plans export ban – economy

With an export ban on palm oil, Indonesia, as the world’s largest producer of the coveted vegetable raw material, wants to combat shortages and rising prices in its own country. The export ban should come into force on Thursday, announced President Joko Widodo. When the market in the country has stabilized and cooking oil is available again at affordable prices, he will reassess the decision, he added. In view of the scarce stocks, the price of cooking oil in the Southeast Asian country had risen sharply in recent months. This sparked protests that threatened to destabilize the government of the island nation of around 270 million people. Economist Bhima Yudhistira, director of the Jakarta-based Center for Economic and Legal Affairs, criticized the decision on Saturday and warned of protests from importing countries. There is no need to stop exports altogether.

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