India to get record Malaysian palm oil

Malaysian palm oil exports to India are likely to touch a record high of over two million tonnes (mt) in calendar 2012. "Due to the export duty cut announced by Malaysia from January 1, we believe it would prompt India to buy more palm oil from us next year.

The figure may touch 2mt this year," said Lee Yeow Chor, chairman, Malaysian Palm Oil Council (MPOC).

He was speaking on the sidelines of the recent Malaysian Palm Oil Trade Fair and Seminar 2012, organized by MPOC.

Till Septemberend , Malaysian palm oil exports to India registered a 58% growth rate at 1.84mt from 1.11mt in the corresponding period a year ago. In 2011, exports stood at 1.66mt.

BV Mehta, executive director , Solvent Extractors Association of India (SEAI), said that the move (Malaysia's export duty cut), will benefit buyers in India as it will give them an opportunity to evaluate where they will get a better price.

"This is provided Indonesia does not change its present duty structure," Mehta said. India currently buys 20% of its requirement from Malaysia and the rest from the largest producer Indonesia.


Source : timesofindia.indiatimes.com