Indonesia palm oil association (GAPKI) vice president Hitangang said on the 19th that the Indonesian government is currently drawing up plans to restrict palm oil exports.Although Indonesia’s trade ministry immediately denied it, the authorities will indeed implement a new policy next week to closely control the supply of palm oil in the country to combat the soaring situation of edible oil.
Indonesia’s Ministry of Trade has announced a new policy on the 18th, from January 24, crude palm oil, refined palm oil, waste edible oil exporters must declare their export plans to customs, and attach a sales contract certificate, as well as a six-month export and domestic quota plan, in order to obtain export licenses, but the authorities will not set any supply targets for the local market.
Indonesia and Malaysia have vast oil palm fields that supply more than 85% of the world’s palm oil products. The widely used palm oil has an annual output value of US$65 billion (about NT$1.9 trillion), and is known as the “world oil king”.
