JUST IN: Indonesia Lifts Ban On Palm Oil Exports

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Indonesia has lifted it’s monthlong ban on palm oil exports.

President Joko Widodo said exports will resume Monday following an improvement in the supply and domestic price of bulk cooking oil.

“Based on the current supply and price of cooking oil and considering that there are 17 million workers in the palm oil industry, both working farmers and other supporting staff, I have decided that the export of cooking oil will reopen on Monday, May 23,” Widodo said.

He said that the national demand for bulk cooking oil is approximately 194,000 tons per month. Before the export ban, the supply reached 64,500 tons, and since then, it more than tripled to over 211,000 tons per month.

Indonesia and Malaysia are the world’s largest exporters of palm oil, which plays an important role in their economies. They account for 85% of global palm oil production.

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