January 9, 2018 / 3:40 AM / in a year

Malaysia's FGV says palm oil exports to rise after export tax suspension

KUALA LUMPUR, Jan 9 (Reuters) - Malaysia’s Felda Global Ventures Bhd (FGV) said it expects a 30 to 50 percent increase in palm oil export volumes to India, Pakistan, China and Europe following the suspension of palm oil export duty.

Malaysia suspended export taxes on crude palm oil for three months last week. “With this development, we expect a 30-50 percent increase in the export volume to major importing countries like India, Pakistan, China and Europe,” FGV Group President and Chief Executive Officer Zakaria Arshad said in a statement.

“This shall also enable us to increase supply to our joint-venture refinery in Pakistan at a more competitive pricing.”

FGV expects average crude palm oil prices for the first quarter of 2018 to improve slightly by trading around 2,650 ringgit to 2,750 ringgit per metric tonne, he added. (Reporting by Emily Chow, writing by Praveen Menon, Editing by Amrutha Gayathri)

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