Mumbai, 31 Oct (Commoditiescontrol):Thailand’s Department of Internal Trade has temporarily halted raw palm oil exports in response to reduced production stemming from drought and plant diseases. The restriction, expected to last until December, aims to stabilize local prices and maintain adequate stock levels.
Commerce Minister Pichai Naripthaphan explained that the sharp decline in oil palm output necessitates protective measures for farmers and consumers against price inflation. Goranij Nonejuie, Deputy Director-General of the Commerce Ministry, noted that while current prices are stable at 8-9 baht per kg, close monitoring of bottled palm oil prices is essential.
In collaboration with the Palm Oil Extraction Mills Association and key retailers, the ministry is working to balance stock levels and delay price increases for consumers. Associations representing extraction mills and refineries have pledged to suspend exports and aid in stabilizing prices.
Retailers and wholesalers have also committed to keeping bottled palm oil prices reasonable, with additional promotional offers planned to ease consumer costs. With a current stock exceeding 200,000 tons, the associations plan to review export policies in January 2025.
Thailand ranks as the third-largest exporter of palm oil globally, accounting for about 6-7% of the world’s exports. In 2024, Thailand expects to export 800,000-900,000 tonnes of crude palm oil, with India as its primary market. This export level, similar to previous years, plays a crucial role in maintaining Thailand's position in the global market
To prevent price manipulation, authorities warn that violators could face up to seven years in prison or fines up to 140,000 baht. The department encourages consumers to report any irregularities through its hotline or mobile app, as concerns over rising vegetable oil prices remain.
(By Commoditiescontrol Bureau; +91-9820130172)
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