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.

Hishammuddin expressed gratitude to India’s Foreign Minister Dr Subrahmanyam Jaishankar for the country’s decision to reduce the import duty for crude palm oil to 27.5% from 37.5%.

“This is expected to increase the total export of palm oil to India as well as increase the price of crude palm oil in our country.

“Wisma Putra will continue its best efforts for the benefit of over 500,000 oil palm smallholders, family members and the local community, “ he added.

Hishammuddin said Wisma Putra would take advantage of better relations with India to increase palm oil export levels.

Hishammuddin also said he had urged the European Union Representative to cease its discriminatory stand against the country’s palm oil and to recognise the Malaysian Sustainable Palm Oil Certificate.

Efforts to assist relevant ministries would continue in order to strengthen Malaysia’s palm oil industry, he added.

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