:Indonesia's ban on palm oil exports shocked global edible oils markets that already reached record high prices this year, and sparked alarm among major importers of the cooking medium.
India is the top palm oil importer, while China, Pakistan, Bangladesh, Egypt and Kenya are other major buyers. Indonesian authorities previously restricted exports of the edible oil between late January and mid-March to try to control domestic cooking oil prices.Soybean oil is the second most produced edible oil, with around 59 million tonnes expected to be produced this year. China is by far the largest producer , followed by the United States , Brazil and Argentina .
In 2021, drought slashed Canada's harvest of canola, a variety of rapeseed, and Europe also suffered crop damage, which reduced oil supplies for 2022.