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<keyword id="8692" type="General" weightage="50" keywordseo="indonesia" source="Orion">Indonesia</keyword> has extended its zero-levy policy for palm oil exports until October 31, the <keyword id="14847454" type="General" weightage="80" keywordseo="coordinating-ministry-for-economic-affairs" source="Orion">Coordinating Ministry for Economic Affairs</keyword> said. "The extension of the export levy tariff of $0 will maintain the current momentum where the prices of crude palm oil and domestic cooking oil have stabilized, and the price of fresh fruit bunches has increased so that farmers could enjoy the benefits," said Coordinating Minister for Economic Affairs <keyword id="7883987" type="General" weightage="80" keywordseo="airlangga-hartarto" source="Orion">Airlangga Hartarto</keyword>. Indonesian palm oil producers have struggled with high stockpiles after the country imposed a three-week export ban from April 28 to May 23 to reduce domestic cooking oil prices. The temporary policy of cutting the palm oil export levy to zero from around $200 per ton was introduced by the world's largest palm oil producer in July, to boost exports and reduce oversupply in the domestic market. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/power-grid-delays-tender-that-pushes-outdated-tech-in-smart-meters/articleshow/93869617.cms">Power Grid delays tender that pushes outdated tech in smart meters</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/gautam-adani-is-now-the-third-richest-person-in-the-world-as-per-bloomberg/articleshow/93868294.cms">Gautam Adani is now the third richest person in the world, only behind Elon Musk and Jeff Bezos</a>

Indonesia extends zero export levy on palm oil till October 31

<ul class="summary-list"><li><keyword id="11955096" type="UNKNOWN" weightage="60" keywordseo="indonesia" source="Orion">Indonesia</keyword> accounts for half of the world's supply of <keyword id="12653021" type="UNKNOWN" weightage="60" keywordseo="palm-oil" source="Orion">palm oil</keyword>, the world's most widely used vegetable oil.</li><li>A domestic shortage of <keyword id="11900969" type="UNKNOWN" weightage="60" keywordseo="cooking-oil" source="Orion">cooking oil</keyword> has prompted Indonesia to put a blanket ban on palm-oil product exports.</li></ul>Indonesia, the world's largest edible oils exporter, said a domestic shortage of cooking oil has prompted it to impose a blanket ban on the export of palm oil starting today.Indonesia accounts for about half of the world's supply of palm oil, the world's most widely used vegetable oil. It's used for cooking and for the production of thousands of consumer products, including biscuits, detergents, and lipsticks.Retail prices of cooking oil have soared in Indonesia as palm-oil producers boosted exports on the back of rising global vegetable oil prices, according to <a href="https://www.channelnewsasia.com/asia/indonesia-palm-oil-export-ban-refined-crude-airlangga-hartarto-jokowi-2651316">Channel NewsAsia.</a> This in turn caused a supply crunch at home."As the world's largest producer of palm oil, it is ironic that we actually have difficulty getting cooking oil," said <a href="https://setkab.go.id/keterangan-pers-presiden-ri-mengenai-larangan-ekspor-minyak-goreng-di-istana-merdeka-provinsi-dki-jakarta-27-april-2022/">Indonesian President Joko Widodo</a>, according to an official transcript. "As president, I cannot allow that to happen," he added.Retail prices of cooking oil in Indonesia have gained over 40% so far this year, <a href="https://www.reuters.com/article/indonesia-palmoil-president-idAFL2N2WK0MX">Reuters</a> reported. The price spike has prompted protests and sent Widodo's approval rate down 12% from February to April, according to the <a href="https://www.reuters.com/world/asia-pacific/indonesia-presidents-rating-slumps-amid-soaring-cooking-oil-prices-2022-04-26/">news agency.</a>The Southeast Asian country surprised <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> when it first announced the <a href="https://markets.businessinsider.com/news/commodities/top-palm-oil-exporter-indonesia-to-ban-exports-starting-thursday-2022-4">ban on palm-oil exports</a> on Friday. The announcement sent benchmark Malaysian palm-oil futures soaring 7% on Monday before ending the day 2% lower as the country said the ban would exclude some palm-oil products. On Wednesday, prices soared 10% to hit the upper price limit head of the impending ban — but that was before Indonesia said later in the day that it would be imposing a blanket ban. Malaysian palm-oil futures were over 1% lower at midday on Thursday and up about 50% year-to-date.Indonesia's palm-oil ban will be in place until the bulk of cooking oil in Indonesia falls to 14,000 rupiah ($0.97) per liter, <a href="https://www.reuters.com/world/asia-pacific/indonesias-palm-oil-industry-braces-upcoming-export-ban-2022-04-27/">Reuters</a> reported, citing the country's chief economic minister, Airlangga Hartarto. Bulk cooking oil in Indonesia was offered in the range of 19,000 to 20,000 rupiah ($1.31 to $1.38) on Wednesday, the <keyword id="11893589" type="UNKNOWN" weightage="60" keywordseo="news" source="Orion">news</keyword> outlet reported, citing a senior trade association official."Once the local need is fulfilled, surely I will revoke this export ban because I understand how the government needs taxes, needs overseas earnings, and needs a trade surplus," said Widodo, per <a href="https://www.bloomberg.com/news/articles/2022-04-27/indonesia-to-halt-crude-palm-oil-exports-in-expanded-ban">Bloomberg.</a> But "the people's need is a more important priority," he added.Palm oil has been linked to the widespread destruction of rainforests and adverse impact on local communities, but it is also an efficient crop that has improved rural development in many regions, according to the <a href="https://wwf.panda.org/discover/our_focus/food_practice/sustainable_production/palm_oil/">World Wide Fund for Nature.</a> It's an important cash crop for Indonesia with exports worth about $30 billion in 2021, the data provider <a href="https://www.statista.com/statistics/1095648/indonesia-palm-oil-export-value/">Statista</a> showed.Global vegetable oil prices were already rising due to the war in Ukraine, as the country is a major sunflower oil producer. Now, Indonesia's palm-oil export ban is expected to worsen global <keyword id="12408284" type="UNKNOWN" weightage="60" keywordseo="food-inflation" source="Orion">food inflation</keyword> as prices of competing edible oils surge in response. Prices of benchmark Chicago soybean oil futures hit an all-time high after Indonesia's Wednesday announcement of its blanket ban, according to <a href="https://www.bloomberg.com/news/articles/2022-04-27/wheat-pares-gains-with-concern-over-weakening-u-s-crop-outlook">Bloomberg.</a>"Given that half of all packaged products Americans consume contain palm-oil, we're likely to see impacts to food products such as margarine, confections, cooking oil, and dairy products like sour cream, cheese, cream cheese spread, and condensed milk," said Julie Gerdeman, CEO of Everstream, a supply chain risk analytics company."Should the export ban remain, we can also expect to see production decreases and consumer price increases to popular household products offered by major food manufacturers (think chocolate and candy bars), all of which depend on sourcing palm-oil from Indonesia," Gerdeman told Insider.

Indonesia, the world's biggest palm-oil exporter, is facing a shortage of cooking oil &mdash; and it's going to affect the price of everything from cheese to candy bars

Jakarta, The Indonesian <keyword id="26362" type="ORGANIZATION" weightage="20" keywordseo="Government">government</keyword> on Monday decided to extend its <keyword id="162523" type="PERSON" weightage="20" keywordseo="Travel-restrictions">travel restrictions</keyword> for <keyword id="105019" type="PERSON" weightage="20" keywordseo="foreign-nationals">foreign nationals</keyword> for two more weeks due to <keyword id="8763838" type="UNKNOWN" weightage="20" keywordseo="covid-19">Covid-19</keyword> concerns, a Minister said. At a press conference here, Economic Minister Airlangga Hartarto said that the government on Monday started implementing stricter restrictions on community activities for two weeks. President Joko Widodo has also agreed to extend the prohibition of foreigners from entering the country for another two weeks until January 28, said the Minister who is also chairman of the National COVID-19 Mitigation and Economic Recovery Committee. The government had earlier banned international visitors from entering <keyword id="8692" type="LOCATION" weightage="20" keywordseo="Indonesia">Indonesia</keyword> from January 1 to 14. The closure exempts foreign state officials at some levels and who are required to apply tight health protocols. The closure for foreigners was made due to the emergence of a new Covid-19 variant. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/2021-will-be-a-watershed-moment-for-india-tech-ecosystem-here-are-the-startup-sectors-that-vcs-are-betting-on/articleshow/80208631.cms">‘2021 will be a watershed moment for India’s tech ecosystem’ — here are the startup sectors that VCs are betting on</a> <a href="https://www.businessinsider.in/tech/gadgets/news/oneplus-band-with-24-hour-heart-rate-monitoring-14-days-battery-life-launched-in-india/articleshow/80209025.cms">OnePlus Band with 24-hour heart rate monitoring, 14 days battery life launched in India</a> <a href="https://www.businessinsider.in/business/ecommerce/news/radhakishan-damani-dmart-ready-takes-cautious-steps-against-jiomart-and-amazon/articleshow/80209971.cms">Pitted against JioMart, Amazon and others, Radhakishan Damani’s DMart has opted for “controlled acceleration” in e-commerce</a>

Indonesia extends ban on foreign nationals for two more weeks due to surge in COVID-19 cases

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Indonesia extends zero export levy on palm oil till October 31

IANS

Indonesia, the world's biggest palm-oil exporter, is facing a shortage of cooking oil and it's going to affect the price of everything from cheese to candy bars

Huileng Tan

Indonesia extends ban on foreign nationals for two more weeks due to surge in COVID-19 cases

IANS

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