ISLAMABAD: Imports of edible oil including palm and soybean into the country during the first month of the current financial year decreased by 5.40 percent and 6.82 percent respectively as compared to the imports of the corresponding month of the last year. During the month of July 2023, about 12,575 metric tons of soybean costing … Read more
Indonesia will cut its maximum export and levy rate for palm oil to encourage shipments. The move comes after a three-week ban on exports was lifted last month. Red tape has kept palm mills’ storage tanks full, keeping them from using the oil. Indonesia Trade Minister Muhammad Lutfi said on Tuesday the public authority would … Read more
NEW YORK: Due to internal shortages, Indonesia’s decision to ban palm oil exports has driven vegetable oil prices to new highs, further tightening a market already strained by the Ukraine conflict and global warming. Following Indonesia’s declaration on Wednesday, prices for palm, soybean, European rapeseed, and even its Canadian GMO equivalent, canola oil, have reached … Read more
Jakarta: Indonesia’s president announced the restriction on palm oil exports Friday, citing a lack of the product’s cooking oil. It has been running out of palm oil since November as farmers resort to exports to profit from global price increases. Authorities, fearing societal unrest, have sought to secure supplies. “The government will prohibit the export … Read more
