A summary of the latest Halal industry news from around the world.
Indonesia bans palm oil exports
Indonesia, the world’s top palm oil producer, has banned exports to shore up the domestic market. The ban, announced on Friday 22 April, has driven up prices of vegetable oils, with global inventories running low due to the Ukraine-Russia conflict. Prices of palm oil FCPOc3, the most widely used vegetable oil, climbed more than 6% on the Bursa Malaysia Derivatives Exchange, reported Reuters, near the high reached in March. “Indonesia's decision affects not only palm oil availability, but vegetable oils worldwide,” James Fry, chairman of commodities consultancy LMC International, told Reuters. In addition to the impact on food prices, with palm oil widely used in processed foods, snacks and baked items, the ban is expected to have an impact on cosmetics and personal care products.
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