6/21/2023 0 Comments Edible oil production by countryMajor soybean oil producer Argentina is expected to ship less oil this year following a poor end to its soybean growing season, and in 2021 drought devastated Canada's canola harvest. Other edible oils have also seen reduced exports. Global palm oil production already slumped during the first two years of the COVID-19 pandemic due to a drop in migrant labor on plantations in Southeast Asia. World Bank president David Malpass urged countries to avoid hoarding food stocks or implementing export controls.Īround 77 million metric tons of palm oil are expected to be produced this year, according to the US Department of Agriculture. Palm oil is used in cooking oils, processed foods, cleaning products, cosmetics, biofuels and other products.Īt this week's International Monetary Fund (IMF) and World Bank meetings in Washington, policymakers expressed concern about possible food shortages due to the war in Ukraine. Neighboring Malaysia is the world's second-largest producer. Indonesia is the largest producer of the oil and accounts for more than half of the world's supply. "If we are not going to export, that's definitely going to hit the other countries." Why are Indonesian palm oil exports important?Ĭhina and India are big importers of Indonesian palm oil. "We know that this is not going to be the best result," Indrawati said. "It's still too expensive for the ordinary household to buy these cooking oils," Indonesia's finance minister said. Indonesia's government had previously required producers to reserve stocks for domestic use, but this did not succeed in bringing prices down to an affordable level for the country's households. Indonesia's finance minister said the country's households still couldn't afford cooking oil following the implementation of export controls short of a total ban Image: Eko Siswono Toyudho/AA/picture alliance Indrawati said that the government made what amounted to one of the "harshest moves" possible after previous measures failed to stabilize prices. This monthly report includes data on U.S. Indonesian Finance Minister Sri Mulyani Indrawati told Reuters that Jakarta understood that the ban would hurt other countries, but stressed that it was necessary to bring down the domestic price of cooking oil as demand exceeds supplies. Link to report: Oilseeds: World Markets and Trade. The announcement followed a rally in Jakarta, where hundreds protested soaring oil and food prices. "I will continue to monitor and evaluate the implementation of this policy so that the availability of cooking oil in the country is abundant and at an affordable price," Indonesian President Joko Widodo said in a statement. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video What did Indonesian authorities say about the ban?
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