KUALA LUMPUR, Dec 21 — The reinstatement of crude palm oil (CPO) export tax starting next month is unlikely to affect demand for the local commodity in the European Union (EU), according to the Malaysian Palm Oil Council (MPOC). Its chief executive officer, Datuk Dr Kalyana Sundram, said the EU...
Saturday, 21 Dec 2019 02:43 PM MYT
Its chief executive officer, Datuk Dr Kalyana Sundram, said the EU market is less troubled by the pricing mechanism and more concerned about the quality and sustainability of the products, which Malaysia’s CPO can offer. Kalyana said so far this year, the EU has imported about 2.2 million tonnes of palm oil from Malaysia compared with 1.91 million tonnes for the whole of 2018.
On the EU’s plan to phase out palm biofuels by 2030, he said Malaysia would lodge a complaint with the World Trade Organisation over the EU’s move, and expected to find new markets for the extra 800,000 tonnes of the palm oil.
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