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Indonesia approves export permits for 1.16 mln ton of palm oil products
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Tuesday, 14 June, 2022, 08 : 00 AM [IST]
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Ashwani Maindola, New Delhi
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Indonesia has approved export permits for 1.16 million tonne of palm oil products under a programme to accelerate shipments after it reopened exports. Under the acceleration scheme, the world's biggest palm oil producer aims to export 1 million tonne or more of palm oil products by the end of July.
Out of this, in the first phase, India traders expect to get around one lakh tonne of palm oil and overall 50% of the export from Indonesia is expected to come to India.
This decision of Indonesia has impacted the prices of palm oil in Malaysia which witnessed a 3% decline in prices.
Shankar Thakkar, president of the All India Edible Oil Traders’ Association, has stated that the decision by the Indonesian Government appeared to be an attempt to re-enter the global edible oil market.
Last Thursday, the Indonesian Government has started an export acceleration scheme for its domestic palm oil industry, which aimed at export of more than 1million tonne of crude palm oil and some of its derivatives.
Meanwhile, in India, the edible oil trade witnessed a strong market scenario due to delay in monsoon. Oil seeds like mustard and groundnut market witnessed a surge as delay in monsoon would mean late arrival of crop (usually around Dipawali) and will have a direct impact on supplies and higher prices.
The traders also say that demand is expected to go up in the monsoon season and supplies from Indonesia will help in easing the prices.
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