JAKARTA – Indonesia prohibits the export of palm oil and cooking oil products. The European Union’s Federation of Vegetable Oils said the policy raised concerns in EU markets as the bloc has several weeks of supply reserves.
Indonesia as the world’s largest palm oil producer last week imposed a ban on exports of cooking oil raw materials, including several products such as refined, bleached and deodorized palm oil (RBD), crude palm oil and refined oil, in an effort to lower cooking oil prices. .
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The European Union imports an average of about 335,000 tonnes of crude palm oil from Indonesia per month, or more than 40% of the bloc’s total crude palm oil imports, FEDIOL said. The block also imports crude palm oil from several other countries, including Malaysia, Papua New Guinea and several Latin American countries.
“Currently we have palm oil supplies for 4 to 6 weeks. The interim decision by the Indonesian government does not raise concerns about a lack of supply in the European market in the short term,” said FEDIOL, quoted from VOA Indonesia, Thursday (5/5/2022).
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In a separate statement, the organization previously said that sunflower oil supplies had increased in the European Union over the past few weeks following a lack of supply from Ukraine.
For information, Indonesia prohibits the export of CPO and cooking oil. There is no time limit until the export is prohibited.
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