Indonesia will lift its ban on palm oil exports next week, President Joko Widodo said yesterday.
The ban in place since April had sent prices for vegetable oil soaring, especially as it coincided with the war in Ukraine. Indonesia produces about 60% of the world’s palm oil.
Authorities had rigorously enforced the export ban, with the Indonesian navy seizing a tanker carrying palm oil out of the country in violation of the order earlier this month.
Another giant Asian nation enacting similar food protection measures recently has been India, which has placed a ban on wheat exports this month.
