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In April 2022, Indonesia imposed a temporary export ban on palm oil and its derivatives to address domestic cooking oil shortages and price hikes. This happening again is a plausible candidate as one of the export bans concerning many liberal economists as countries employ more protectionist policies.
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1.00Based on the latest information gathered:
Indonesian palm oil exports are expected to decrease by about 4% in 2024, mainly due to higher domestic demand for the vegetable oil as feedstock for biodiesel, while production growth remains modest.
The Indonesian Palm Oil Association (GAPKI) anticipates a rise in palm oil output by no more than 5% compared to 2023.
To ensure sufficient domestic supply, Indonesia is tightening its export rules for palm oil from January 1, 2024, by allowing fewer shipments overseas for every ton sold domestically.
Given this information, the likelihood of Indonesia announcing another export ban on palm oil or palm oil-based products in 2024 seems relatively low. The country is already implementing measures to balance domestic needs and exports without resorting to a full ban. However, unpredictable factors such as sudden changes in global market conditions, domestic policy shifts, or unforeseen production issues could affect this assessment.