Indonesian President Joko Widodo announced the abolition of the decision to ban the export of crude palm oil from his country - the largest producer of it in the world - weeks after the issuance of that decision, to resume exports starting next Monday.
Widodo said that the last period of the export ban witnessed a rise in local palm oil stocks, and the start of a decline in its prices in the market after a previous increase witnessed since the start of the war on Ukraine.
The farmers welcomed the new decision.
The President indicated that the decision to return to the export of palm oil took into account the interests of 17 million farmers, workers and traders who depended on palm oil for their lives in agriculture, industry and trade.
The agricultural unions, as well as manufacturers, had called during the past few days to lift the ban on the export of palm oil, warning of the accumulation of losses in the agricultural and industrial sector related to palm oil.
Widodo also vowed to deal firmly with those who seek to manipulate markets in the distribution and sale of the oil that people rely on for cooking.
Exports of cooking oil and crude palm oil have been suspended since April 28, as the government struggled to stabilize prices domestically.
numbers and indicators
Indonesia is expected to produce 46.9 million metric tons of crude palm oil this year.
30 million metric tons of that quantity is expected to be directed to foreign markets
Domestic consumption is estimated at 16.9 million metric tons.
Indonesia exported 34 million tons of palm oil in 2021 worth $15 billion in imports, according to the Indonesian Palm Oil Association.
Crude palm oil contributed about 15% of Indonesia's total exports last year.
17 million Indonesian farmers, workers, processors and traders depend on palm oil for their income.