The halting of shipments of the cooking oil and its raw material, widely used in products ranging from cakes to cosmetics, could raise costs for packaged food producers globally and force governments to choose between using vegetable oils in food or for biofuel. Indonesia counts for more than half of global palm oil supply.
The announcement will hurt consumers in top buyer India and globally, said, Atul Chaturvedi, president of trade body the Solvent Extractors Association of India .Alternative vegetable oil prices spiked in response to the measure which will take effect on April 28. Soybean oil, the second most used vegetable oil, rose 4.5% to a record high of 83.21 cents per pound on the Chicago Board of Trade .
Other countries have experimented with crop protectionism to try to keep domestic prices down. Argentina, the world's top exporter of processed soy, briefly halted new overseas sales of soy oil and meal in mid-March before hiking the export tax rate on those products to 33% from 31%. Large supplies of alternatives including soy and rapeseed oil are not readily available either, after droughts hurt the most recent crops in Argentina, Brazil and Canada.
"Sky would be the limit for edible oil prices now. Buyers were banking on palm oil after sunoil supplies fell because of the Ukraine war," a Mumbai-based dealer at a global trading firm said.Malaysian producers say the world's No. 2 palm oil exporter, which is facing a production shortfall due to a pandemic-induced labour shortage, is unlikely to be able to plug the gap.
پاکستان تازہ ترین خبریں, پاکستان عنوانات
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