File picture shows a worker collecting palm fruit at a local palm plantation in Shah Alam outside Kuala Lumpur in this file photo. — Reuters pic
The PENJANA initiative announced a 100 per cent exemption from export duty on crude palm oil, crude palm kernel oil and processed palm kernel oil from July 1, 2020 to Dec 31, 2020. Quoting Oil World, he said the performance of world oils and fats market is expected to be mixed, with total production and exports are forecast to be lower than that of the previous year.“The bear may soon be turning into a bull”.
As for March, it only exported 10,806 tonnes to India, a decline of 97 per cent from a year earlier and the lowest monthly total in-board data going back to 2000.The Malaysian Palm Oil Council, via its second webinar on “Palm Oil in the Post-Pandemic Market” said palm oil export is expected to increase 2.5 per cent to 4.56 million tonnes in the third quarter versus the previous quarter on improved demand from the traditional markets — India, China and the EU.
He believed the industry is marching ahead positively for the rest of the year, despite the pandemic.