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Palm oil exports set to decline as India buys less

PETALING JAYA: Malaysia’s biggest palm oil buyer is likely to reduce its purchase over the next few months, a move that is expected to hit local palm oil exporters beginning this month.India, which accounted for nearly 33% of Malaysia’s palm oil exports in August 2019, recently upped the import tax on Malaysia’s refined palm oil from 45% to 50% for a period of six months.