Najib asks why big difference in trends with Indonesia in palm oil exports


Malaysian palm oil futures fell on Thursday, snapping two days of gains, as it tracked weaker crude oil prices and a drop in U.S. soyoil in Chicago

PETALING JAYA: Datuk Seri Najib Tun Razak has asked why there is a big difference with Indonesia in the exports of palm oil since the elections in May.

The former prime minister said that the exports of the commodity for Indonesia had increased every month compared to last year, whereas for Malaysia it had been falling down.

He said that since the elections, the exports had fallen every month, except in September when the government abolished the 5% tax on exporting palm oil.    

“Unfortunately, the export of palm oil in October decreased again,” he said in a statement posted on his Facebook page on Monday (Oct 22).

He added that researchers from Intertek reported that exports for palm oil from Malaysia for the first half of October fell 32.8% compared to last month. 

“The mount exported for this period was only 505,000 tonnes, lower than the 690,000 tonnes exported in the same period last year,” he said.

He added that the price of one tonne of palm oil was RM2,200 compared to RM2,700 in the same month last year.

“It’s clear that there is a difference in the export trends for our country compared with Indonesia. Why are there these big differences in trends of palm oil export with Indonesia after the 14th general election?” he queried. 

 

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