Indonesia’s announced to ban palm oil exports on Friday 22th April 2022, which will be applied from 28th Apr 2022.
Indonesia is supplying half of the global supply of edible oil.
India is the world’s largest palm oil importer. We are dependent on Indonesia & Malaysia for palm oil.
Palm oil accounts for ~60-65% of India’s edible oil imports.
It is mainly used by Food & Personal Care companies.
Edible Oil is used in everything from cakes, chocolate, margarine, and frying fats to cosmetics, soap, shampoo, and cleaning products.
Palm & PFAD prices have risen over 50% YOY already.
Ban will lead to a further rise in palm oil prices.