Summary
[South Korean government: Strengthen monitoring of food industry supply and demand in response to Indonesia’s palm oil export ban]Korea International Radio reported on May 2 that the Ministry of Industry, Trade and Energy of South Korea held an emergency meeting to assess the import and export situation on the 2nd. Due to Indonesia’s ban on palm oil exports, the government has decided to strengthen monitoring of the supply and demand of raw materials for the food industry. (Interface News)
Korea International Radio reported on May 2 that the Ministry of Industry, Trade and Energy of South Korea held a meeting on the 2nd.import and exportSituation assessment emergency meeting. Due to Indonesia’s ban on palm oil exports, the government has decided to strengthen monitoring of the supply and demand of raw materials for the food industry.
South Korea imports 340,000 tons of palm oil from Indonesia a year, of which about 200,000 tons are used for food production. The inventory of the food industry is 2-4 months, and the ban will have a limited impact in the short term. However, if the situation is prolonged, the international price of palm oil will rise, which may lead to unstable supply and demand. In this regard, the government decided to strengthen the supervision of the international palm oil supply chain and domestic supply and demand.
(Article source: Interface News)