PETALING JAYA: The Indian government’s decision to reduce its import duty on crude palm oil (CPO) from 15% to 10% is a boon for the Malaysian palm oil industry, giving immediate relief to the smallholders, said the Malaysian Palm Oil Board (MPOB).
Director-general Dr Ahmad Parveez Ghulam Kadir (pic) said with the CPO price level stabilising between RM3, 500 and RM3, 800 per tonne, CPO export to the world’s largest palm oil consumer is bound to increase further in the near future.
Based on the industrial regulator’s data, Malaysia’s palm oil export to India increased by more than eight folds to 1.29 million tonnes from January until May 2021, from 0.15 million tonnes recorded during the same period in 2020.
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