(Reuters) – The ban placed by Indonesia on the export of palm oil shocked world edible oils markets, which already saw record-breaking prices in this year’s market. It also raised alarm among large importers.

The most commonly used vegetable oil in the world is palm oil. It is used to make many products, including margarine and chocolate.

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 comes in second place with 25% of the global supply.

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.

Due to the drop in migrants working on Southeast Asian plantations, global palm oil production fell in 2020-2021. This resulted in lower fruit collection and lower fertilizer application for trees.

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 (9m tonnes), and Argentina (7.9m tonnes).

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. Due to strong demand for the oil as biofuel in America, more soy crushing facilities are likely to be opened in the United States in the coming years. However, there is not much capacity to grow the demand.

India is India’s top importer of soyoil.

RAPSEED OIL

According to the USDA, around 29 million tonnes worth of rapeseed oils will be produced in this year’s world, mostly in Europe, Canada, and China. China and the United States rank as top importers.

Canada lost its canola crop in 2021 due to drought. A variety of rapeseed was also destroyed. Oil supplies were reduced for Europe 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 OF SUNFLOWERSEED

Russia and Ukraine together account for 55% global sunoil output, and 76% world exports. After Russia invaded Ukraine in February 2014, the region’s shipments have fallen and it is possible that this year’s Ukrainian production will be affected.

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.