Palm Oil (Global Market)

Main article: Agriculture (world market)

2022: Indonesia imposes a ban on the export of cooking oil

In April 2022, palm oil rose in price after Indonesia said it would ban all exports of cooking oil, an unexpected step that threatens to worsen global food inflation and increase volatility in crop markets.

Indonesia said deliveries will stop on April 28, 2022. The ban will last until the country eliminates the domestic deficit.

The largest suppliers of vegetable oil in the world, season 2021-2022

Benchmark palm oil futures jumped 7%, and shares of Indonesian companies engaged in this industry fell. The unexpected move will increase the costs of food producers around the world.

2020:15 countries that spent the most on palm oil imports

1. India: US $5.1 billion (15.1% of total imported palm oil).

2. China: $4.1 billion (12.2%)

3. Pakistan: $2.1 billion (6.2%)

4. Netherlands: $1.9 billion (5.5%)

5. Spain: $1.4 billion (4.1%)

6. Italy: $1.2 billion (3.7%)

7. US: $1.1 billion (3.2%)

8. Bangladesh: $896.9 million (2.7%)

9. Kenya: $829.6 million (2.5%)

10. Russia: $793.2 million (2.3%)

11. Egypt: $732.5 million (2.2%)

12. Vietnam: $694.7 million (2.1%)

13. Malaysia: $657.1 million (1.9%)

14. Myanmar: $645.3 million (1.9%)

15. Germany: $599.1 million (1.8%)

Among the above countries, the fastest growing palm oil markets since 2019 were:

• Myanmar (an increase of 660.4%),
• Kenya (an increase of 59.2%),
• Vietnam (30.8% growth) and
• Italy (growth by 20.2%).