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Indonesian finance minister Indrawati says palm oil export ban will hurt other countries, but necessary | Malay Mail

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WASHINGTON, April 23 — Indonesia’s new palm oil export ban will hurt other countries but is necessary to try to bring down the soaring domestic price of cooking oil driven up by Russia’s war in Ukraine, Indonesia’s finance minister told Reuters yesterday. Sri Mulyani Indrawati said that...

WASHINGTON, April 23 — Indonesia’s new palm oil export ban will hurt other countries but is necessary to try to bring down the soaring domestic price of cooking oil driven up by Russia’s war in Ukraine, Indonesia’s finance minister told Reuters yesterday.

China and India are among big importers of palm oil from Indonesia, the world’s largest producer accounting for more than half the world’s supply. Palm oil is used in products from cooking oils to processed foods, cosmetics and biofuels. She likened the current food supply situation to the early weeks of the Covid-19 pandemic, when countries competed with each other for masks, medical protective gear and other critical supplies.

Indrawati said her government would analyse the impact of the measure on global and regional market dynamics.

 

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