Malaysia’s palm oil industry seeing high prices

PETALING JAYA: The price of Malaysia’s fresh palm oil fruit bunches and crude palm oil were at a high level, which was partly due to the high demand from buyers, including those from China and India, says Foreign Minister Datuk Seri Hishammuddin Hussein.“This is in line with the outcome of my meeting with the Chinese Foreign Minister, Wang Yi, in early October, which led to China’s agreement to buy 1.7 million tonnes of Malaysian palm oil until 2023, ” Hishammuddin said in a Facebook post.

He also said oil palm smallholders will benefit from the increase in crude palm oil prices after the Indian government reduced the import duty for Malaysia.