May 23

Indonesia lifted its export ban on palm oil on Monday.

Indonesia accounts for almost 60 percent of global palm oil production. But in late April, the country imposed the export ban to secure domestic supplies.

After Russia invaded Ukraine, prices for palm and other cooking oil rose due to concerns over the supply of sunflower oil. Ukraine is a major sunflower oil producer.

Indonesia decided to lift its palm oil export ban, saying it expects the oil's supply to be stable and its prices to fall. Officials also say they want to curb the negative impact of the ban on 17 million jobs in the palm oil industry.

Palm oil is used not only in food but also in other products, including cosmetics. Last year, about one-third of palm oil shipped to Japan came from Indonesia.

Many eyes are on whether Indonesia's move will ease upward pressure on palm and other cooking oil prices around the world.

In Indonesia, cooking oil costs up to 70 percent more than a year ago even after the country introduced the palm oil export ban.

NHK