(Reuters] – The Indonesian ban on palm oil exports has shocked the global edible oils market, already at record highs this year. This alarming development has prompted concern among large importers of the cooking ingredient.

Palm oil, the most popular vegetable oil, is used for many purposes, such as the production of chocolate, margarine, and laundry detergents.

These are the details of some of the most important edible oils around:

PALM OIL

The most widely consumed, traded, and produced edible oil worldwide is palm oil. It accounts for approximately 40% of all four top edible oils, which include soybean oil, sunflower seed oil, canola oil and rapeseed oil.

According to the U.S. Department of Agriculture, approximately 77 million tonnes of Palm Oil will be produced in this year’s crop. Indonesia, which accounts for 60% of the total palm oil production, is the world’s largest exporter and buyer. Malaysia, with approximately 25% of global supply shares, is second.

India is the world’s largest importer of palm oil, with China, Pakistan Bangladesh and Egypt being other top buyers.

The USDA estimates that India’s annual vegetable oil consumption is 40%. Because of Indonesia’s restricted trade policy, high edible oil prices, and other factors this year, Import Forecasts fell.

The global drop in migration to plantations in Southeast Asia in 2021 and 2020 caused a decline in palm oil production.

In an attempt to reduce domestic cooking oil prices, the Indonesian authorities had restricted oil exports between January and March.

SOYBEAN OIL

With around 59million tonnes of edible oil expected to be produced in the coming year, soybean oil ranks second. China is the biggest producer of edible oil (15.95m tonnes), Brazil (9 millions tonnes), and the United States (11.9m tonnes), respectively.

Concerns over Indonesia’s ban on palm oil exports led to record-breaking prices.

Argentina is the world’s largest soyoil exporter, but it expects to ship less oil in 2015 due to a weak soybean season. In an effort to reduce food inflation, Argentina temporarily stopped new soyoil exports to overseas markets. Then it raised the export tax on soy meal and oil to 33%. According to USDA, Brazil and the United States rank second in terms of exports. The strong demand for oil biofuel means that more soybean crushing plants will open in the United States over the next few years. But, the capacity to meet this demand is very limited.

India is India’s top importer of soyoil.

RAPSEED OIL

The USDA estimates that around 29 million tonnes will be produced of Rapeseed Oil this year. This is mainly due to production in Europe and Canada. The top two importers of rapeseed oil are the United States and China.

Canada suffered a severe drought in 2021 that resulted in a reduction of its harvest of canola and a variety rapeseed. Europe was also affected by crop failures, which led to fewer oil reserves for 2022.

According to the Canadian Oilseed Processors Association, Canada exported 75% of its canola oils used for food, fuel, and other uses last year. The United States took 62%, and 25% headed for China.

India was the top edible oil importer this year, with a record-breaking rapeseed harvest. This is also known as “Munt” in India.

OIL SUNFLOWERSEED

Russia and Ukraine are responsible for 55% and 76% respectively of the global sunoil production. The region has seen a decline in shipments since February’s Russian invasion of Ukraine. This year, production in Ukraine is likely to suffer.

China, India, and Europe have been the largest sunoil exporters. However, buyers from all three countries are currently trying to locate alternative oil to replenish the Black Sea supply.

India imports more than 90% of its sunflower oil from Russia and Ukraine.

According to USDA, Argentina is fifth largest sunflower oil exporter in the world.