ICYMI: A ban on the export of palm oil by Indonesia is causing alarm in the edible oil market, here’s why:
Palm oil is the world's most widely used vegetable oil and is used in the manufacture of many products including biscuits, margarine, laundry detergents and chocolate.Register now for FREE unlimited access to Reuters.comPalm oil is by far the most produced, consumed and traded edible oil in the world, and accounts for roughly 40% of the supply of the top four most popular edible oils: palm oil, soybean oil, rapeseed oil and sunflower seed oil.
In a typical year, palm oil accounts for 40% of India's vegetable oil food consumption, according to the USDA. Import forecasts have declined this year because of Indonesia's restrictive trade policies, high edible oil prices and other factors. Soybean oil is the second most produced edible oil, with around 59 million tonnes expected to be produced this year. China is by far the largest producer , followed by the United States , Brazil and Argentina .
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