Palm oil incident adds uncertainty over Korea’s GDP
Korea HeraldJUL 2022
This is a populist decision that will achieve little other than increased global food prices. It could provoke a fiscal disaster, may damage international trust in Indonesia as a food supplier, and won't guarantee that domestic prices fall.
Big palm oil companies in Indonesia have been focusing exclusively on exporting while the population has been suffering with soaring prices. This ban is a much needed and justified measure to guarantee domestic supply.
The new ban unecessarily sparked market panic - the restrictions are unlikely to last more than a month due to limited infrastructure to store surplus oil and global pressure to resume shipments.