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Malaysia Palm Oil exports fall 14.1% in October: survey

Exports of Malaysian palm oil products for October fell 14.1% to 1,398,418 tonnes from 1,628,070 tonnes shipped during September, according to cargo surveyor Intertek Testing Services (ITS).

Trade statistics from January to September 2018 showed that Malaysian palm oil exports increased by 3.6% to 18.27 million tonnes compared to 17.63 million tonnes for the same period in 2017.

The Malaysian government foresees a positive outlook for the palm oil industry in the first quarter of 2019 (1Q19), following the success of recent diplomatic missions to China, India, Europe and Africa.

The government has signed several memorandum and agreements, including a free trade deal with India that would see import tariffs on palm oil reduced from 44% to 40% and on processed palm oil from 54% to 45%, effective Jan 1, 2019, the government said.

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