Palm oil exports to India may hit new record low

The edible oil has tumbled about 35% so this year in the biggest annual drop since the 2008 financial crisis, and fell below RM2,000 a tonne yesterday for the first time since July.

KUALA LUMPUR: Palm oil shipments from Malaysia to top customer India may plunge to a fresh record low in April as the virus lockdown and punitive import curbs cause demand to dry up.

Malaysia, the No. 2 producer, exported just 10,806 tonnes to the country in March, according to Malaysian Palm Oil Board data. That’s a whopping 97% slump from a year earlier and the lowest monthly total in board data going back to 2000.