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Indonesia is banning export of palm oil, and prices are skyrocketing

2022-04-25 00:00:00

Starting on Thursday, Indonesia will cease to export palm oil outside the country. The president of Indonesia, Joko Widodo, has imposed a palm oil export embargo in an attempt to control the rising price of palm oil domestically. Indonesia is the world's largest producer of palm oil, accounting for 60% of the palm oil used around the world. Palm oil is used in various everyday products such as cosmetics, detergents, and foods. The global market for palm oil is worth over $60 billion and is only expected to grow.

From Nikkei Asia:

Source: Nikkei Asia
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