Despite these tough policies that have rattled edible oil markets and cost hundreds of millions of dollars in lost revenue, the price of cooking oil, a staple for Indonesian families, has not come down, hitting the approval rating of President Joko "Jokowi" Widodo.

The country’s monthly trade surplus more than tripled year-on-year to US$7.56 billion.

Indonesia, the world's top palm oil exporter, has since April 28 halted shipments of crude palm oil and some of its derivative products in a bid to control soaring prices of domestic cooking oil, rattling global vegetable oil markets.

Russia is a major global exporter of wheat, fertilizer, oil and gas.

The world's second-largest producer of wheat said that traders could only enter into new export deals with express government approval.

The price jumped to 435 euros ($453) per tonne as the Euronext market opened, up from the previous record of 422 euros reached on Friday.

The world's second-largest economy has persisted with strict virus measures, choking up global supply chains as dozens of Chinese cities -- including key business hub Shanghai -- grapple with restrictions. 

China's economic activity cooled sharply in April as widening COVID-19 lockdowns took a heavy toll on consumption, industrial production and employment, adding to fears the economy could shrink in the second quarter.

The Biden administration's proposed Indo-Pacific Economic Framework (IPEF) aims to offer a US-led platform for negotiating common regional standards around digital trade and data flows, labor standards, carbon emissions reductions and governance. But to the chagrin of some countries and business groups, it will not reduce tariffs between members or include traditional enhancements to market access.

The government said it would still allow exports backed by already issued letters of credit and to countries that request supplies "to meet their food security needs".

Relaxed COVID-19 curbs made it easier for Indonesians to visit their hometowns and villages for this year’s Idul Fitri – which in turn has helped the travel industry.

The government is shifting its budget policy away from COVID-19 relief.

Indonesia is the world's biggest palm oil producer but its erratic export policies, including the most recent ban announced on April 22, have pushed Indian consumers to increase their dependence on Malaysia, the world's second-largest producer whose output is less than half of its rival.

Three quarters of nations expected to be at high-risk or extreme risk of civil unrest by the fourth quarter of 2022 were middle-income countries, as defined by the World Bank, Verisk Maplecroft said in an update to its political risk monitor.

From Indonesia's palm oil export ban to Brazil's severe drought, a string of developments since 2020 have driven global food prices to record highs.

Tesla representatives were currently in Indonesia and due to visit the nickel production hub of Morawali on Sulawesi island.

The latest data casts inflation as a key risk to Indonesia’s post COVID-19 pandemic economic recovery.

He underlined the importance of exports of Ukrainian grain via Romania while Russia is blockading Ukrainian ports, but said those exports could be complicated in two months by exports of the new wheat crop in Romania and Bulgaria.

First-quarter domestic economic growth has exceeded economists’ expectations amid higher exports and an increase in public mobility in response to eased COVID-19 restrictions.

Indonesia was badly affected by the coronavirus pandemic, with its exports and tourism-reliant economy taking a massive hit in 2020 as GDP shrunk by 2.07 percent -- its first recession since the 1997 Asian financial crisis. 

China's export growth slumped in April to its lowest level in almost two years, customs data showed Monday, as a COVID resurgence shuttered factories, sparked transport curbs and caused congestion at key ports.

Their joint statement did not specify exactly what commitments each would make to move away from Russian energy, but it underscores the unity of the international community against Moscow's actions.

Economists expect manufacturers to pass on costs to customers soon in response to increasing raw material and fuel prices.

Palm oil is used to make everything from lipstick to noodles, but top producers Indonesia and Malaysia have faced boycotts after being accused of clearing rainforests and exploiting migrant workers for the rapid expansion of plantations.

International sanctions against Russia as well as export flow disruptions resulting from the February 24 invasion have sparked fears of a global hunger crisis.

Rising prices force them to choose between slimmer profit margins or raising prices but losing customers.

Indonesia’s manufacturing sector has seen slight growth in line with the regional trend, though an analyst cautioned that "the real challenge" was yet to come.

Mass testing of China's vast population could bring fresh misery to the economy, experts warned Friday, after Beijing vowed to regain control of the narrative around a zero-COVID policy that has strangled growth and fanned anger across the country.

It was the fourth straight rate rise by the BoE to combat soaring inflation.

The world's top palm oil producer last week imposed an export ban on raw materials for cooking oil, including several products such as refined, bleached and deodorized palm olein (RBD), crude and refined palm oil, in an attempt to lower cooking oil prices.