The greater use of biodiesel in Malaysia and Indonesia this year is expected to reduce supply of palm oil for the export market, giving a boost to prices. FMTNews MPOB CPO
Aggressive promotional efforts by the primary industries ministry and its agencies have resulted in more exports.
In a statement, the Malaysian Palm Oil Board said that exports in November and December 2019 rose to 1.41 million tonnes and 1.40 million tonnes respectively, compared with 1.38 million tonnes in November as well as in December 2018. “Additionally, palm oil export performance in October-December would also be affected by the fact that palm oil would solidify during wintertime,” it said.
Meanwhile, in spite of India’s move to implement a 5% safeguard duty on refined, bleached and deodorised palm olein, palm oil exports to the country had increased by 75.4% to 4.41 million tonnes in 2019 from 2.51 million tonnes in 2018, said MPOB.
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