There’s still room to grow palm oil exports to China, says minister

The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange was down 1.1 percent at 2,165 ringgit a tonne at the end of the trading day, its sharpest daily decline in a week. Trading volumes stood at 38,540 lots of 25 tonnes each at the close of trade.

NANJING: There is still room to grow Malaysia’s palm oil exports to China given the continuous increase in demand and consumption, says Primary Industries Minister Teresa Kok.

She said the additional 25% import tax imposed by China on US soybean oil had resulted in reduced imports, which created a reduction in the supply of edible oils while creating opportunities to increase Malaysian palm oil exports.