In 2021 Indonesia's exports of 24 degree refined palm oil reached 12.7 million tonnes, exports of gross palm oil reached 2.5 million tonnes and exports of 33 degree refined palm oil reached 7.5 million tonnes, bringing the total exports of the three palm oil products to 22.7 million tonnes.
Last Thursday (28 April 2022) Indonesia started a ban on the export of edible oil and raw materials, which Indonesian Industry Minister Agus Gumiwang Kartasasmita believes will be of great benefit to the performance of the domestic palm oil processing sector.
The supply of edible oil in the domestic market will increase as the original exported edible oil can be used to meet domestic demand.
Indonesia's Coordinating Minister for Economic Affairs, Airlangga Hartarto, said that the export ban would remain in force until the price of edible oil fell to the target price of 14,000 Indonesian per litre.
He added that the implementation of this export ban will be monitored by the Ministry of Finance's Directorate General of Customs and Excise.