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| Name | Indonesia's palm oil export ban to hurt food producers, drive prices up |
| Video Uploader | Video From Arirang News |
| Upload Date | This Video Uploaded At 25-04-2022 05:39:52 |
| Video Discription | 밀값 폭등 이어 인니 "팜유 수출 중단"...식품업체들 비상 Indonesia, the world's largest exporter of palm oil, is halting exports of the cooking oil starting Thursday, citing a need to quell domestic shortages and rising prices. However, as one of Indonesia's biggest customers, it's feared Jakarta's move will negatively impact consumer prices in South Korea. Min Suk-hyen reports. Indonesia, the world's top palm oil producer, will soon ban exports of the most widely used vegetable oil in a bid to ease domestic shortages and tackle soaring prices. "The government has decided to ban exports of cooking oil and its raw materials starting on Thursday April 28, 2022 until further notice." The export ban on the vegetable oil is expected to raise prices for global food producers, including South Korea, as the country is heavily dependent on palm oil imports from Indonesia. Just last year, South Korea imported about 342-thousand tons of palm oil from Indonesia...accounting for more than half of total imports. Palm oil is widely used in processed foods....such as snacks like cakes and sweets... and Korean instant noodles ramyeon. Local food producers usually have up to three to six months of supplies...so consumers would not immediately feel the pinch from higher prices. But, if palm oil prices surge and a supply shortage persists, this would further drive food prices up. Already the costs of instant noodles in South Korea is growing at a fast pace, with the price of ramyeon in October jumping almost 12 percent on-year, the biggest gain in more than 12 years. Min Suk-hyen, Arirang News. #Indonesia #palm_oil #economy 📣 Arirang News(Facebook) : https://www.facebook.com/arirangtvnews 📣 Arirang News(Twitter) : https://twitter.com/arirangtvnews 📣 News Center(YouTube) : https://www.youtube.com/c/NEWSCENTER_ARIRANGTV 2022-04-25, 12:00 (KST) iHcAEDMtrpA |
| Category | News & Politics |
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