News: Indonesia, which is the world’s largest producer of palm oil and meets nearly 45 per cent of the total palm oil supplied into India annually, has decided to ban exports from April 28 till further notice.
Views: India imports around 13-13.5 million tonnes of edible oils every year, of which around 8-8.5 million tonnes (around 63 per cent) is palm oil. We believe restricting the palm oil supplies would result in spike in edible oil prices in India, which are already up by ~50% in last one year. This would be negative for edible oil, soaps, cosmetics, & detergent manufacturers. Largest impacted companies - HUL, Marico, Zydus Wellness, Godrej consumer, Jyothy lab.
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