Indonesia to Resume Palm Oil Exports from the 23rd (Comprehensive)

[Asia Economy Reporter Jeon Jin-young] Indonesia will resume palm oil exports starting from the 23rd.

Indonesian President Joko Widodo announced in an online speech on the afternoon of the 19th, "We will resume exports of crude palm oil, palm olein, and used cooking oil."

President Joko Widodo said that the decision to lift the export ban was made considering the supply situation and prices of cooking oil, as well as the circumstances of about 17 million people working in the palm oil industry.

He emphasized, "Even if palm oil exports resume, the government will closely monitor to ensure that cooking oil continues to be supplied at affordable prices."

In Indonesia, domestic palm oil producers focused on exports to take advantage of international prices, causing a sharp rise in domestic cooking oil prices and a shortage of cooking oil. In response, the Indonesian government banned exports of crude palm oil and most derivatives starting from the 28th of last month to quell the 'cooking oil crisis.'

This move added fuel to the already soaring international cooking oil market caused by the Ukraine war and led to measures such as purchase quantity restrictions on cooking oil.

The price of large-volume cooking oil in Indonesia, which was traded at 26,000 rupiah per liter at the time, recently dropped to around 17,000 rupiah. The Indonesian government had set a condition for resuming exports at 14,000 rupiah per liter.

The government's decision appears to have been influenced by farmers' protests and trade balance losses. On the 17th, hundreds of farmers gathered in front of the Jakarta Coordinating Ministry for Economic Affairs building, carrying palm fruit and protesting to demand the withdrawal of the export ban.

This content was produced with the assistance of AI translation services.