KUALA LUMPUR (May 21): Malaysia has resumed crude palm oil (CPO) exports to India as the latter has started buying the commodity again from Malaysia after barring such imports in recent months.
In a statement today, Plantation Industries and Commodities Minister Datuk Dr Mohd Khairuddin Aman Razali said the country expects India’s June and July 2020 purchasing contracts of Malaysia CPO to strengthen the commodity's prices.
He said Malaysia hopes India will continue importing Malaysian CPO to fulfil India’s vegetable oil needs.
"The government expects the situation to have a positive impact on the oil palm industry and the country's (Malaysia) economy. I wish to stress that the Malaysian government is committed to maintain a good relationship with the Indian government to further enhance diplomatic and trade ties between both nations,” he said.
He said the change in the Indian government’s stance to not continue barring Malaysian refined palm oil imports had helped raise India’s imports from Malaysia.
The Malaysian government welcomes India’s move on March 4, 2020 to not renew its directive to bar palm oil imports from Malaysia, he said in the statement.
At Bursa Malaysia today, Malaysia CPO futures for June 2020 rose RM12 to RM2,230 a tonne at the time of writing.
July 2020 CPO prices climbed RM14 to RM2,189 a tonne.