Market rumors suggest that Indonesia will restrict palm oil exports before Ramadan? The official response has arrived!

On February 21, according to foreign media reports, Farid Amir, an official at the Indonesian trade ministry, said on Friday that the Indonesian government has not discussed restricting palm oil exports before Ramadan. Due to concerns about production, including market speculation that Indonesia may impose export restrictions before Ramadan, Malaysian palm oil futures are expected to post a fifth consecutive week of gains. Farid Amir said, "Such bans have not been discussed. I understand that this news has driven up the price of crude palm oil." In 2022, Indonesia, the world's largest palm oil producer, banned palm oil exports due to soaring domestic edible oil prices, although the ban was lifted a few weeks later.