Jakarta: Indonesian government has decided to ban the export of palm oil. The decision will come into force from April 28. This was announced by Indonesian President Joko Widodo. The decision was taken to control skyrocketing domestic prices and ensure availability of food products in the country.
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Indonesia is the world’s biggest exporter of palm oil. The decision will affect India as it is the biggest importers of vegetable oil. India imports nearly 60% of its edible oil and palm oil comprises 60% of this demand. Indonesia alone supplied around 65% of India’s palm oil demands. In March 2022, India imported a total of 10,51,698 tonnes of edible oil against 9,57,633 tonnes in March 2021 – a rise of nearly 10%.
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