SEOUL, May 2 — South Korea vowed today to strengthen the monitoring of palm oil supplies following Indonesia’s recent ban of its exports amid the continued crisis surrounding Ukraine. Indonesia, the world’s biggest palm oil producer, announced the ban on palm oil exports on April 28, citing a...
SEOUL, May 2 — South Korea vowed today to strengthen the monitoring of palm oil supplies following Indonesia’s recent ban of its exports amid the continued crisis surrounding Ukraine.
According to Yonhap news agency, South Korea imports around 340,000 tonnes of palm oil from Indonesia per year, which is about 56 per cent of its total imports of palm oil, according to the Ministry of Trade, Industry and Energy. Palm oil is used for cooking, cosmetics and biodiesel.
South Korea’s exports to the Commonwealth of Independent States sank 46.5 per cent to US$610 million in April.
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