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Food Protectionism Grows as Indonesia Curbs Palm Oil Exports

  • Companies will need to allocate 30% of exports for home market
  • Protectionist moves will add pressure to global food inflation
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Indonesia, the world’s biggest exporter of edible oils, will tighten its control over shipments in a sign of growing protectionism around the world as countries grapple with soaring food prices.

Palm oil exporters will have to allocate 30% of their shipment volume for the local market, an increase from 20%, according to Trade Minister Muhammad Lutfi. The government will take firm action on hoarders, he said Wednesday.