Indonesia's resumption of palm oil exports will not blunt Malaysia's competitiveness in exporting the edible oil, the Malaysian commodities minister said on Sunday, pointing to the rival's loss of sales in India.
"Indonesia's policies could well work to Malaysia's advantage ...," said Zuraida, the minister for plantation industries and commodities. Indonesia's export control policies "would enable to emerge a dominant supplier to India," she said.
Her statement was headed: "Malaysia will not lose competitive edge as Indonesia resumes palm oil export". Zuraida said her ministry did not expect a big downward adjustment to crude palm oil prices following Indonesia's latest policy announcements. Prices would remain at elevated levels due to uncertainties in the production of major oilseeds as a result of geopolitical tensions and unfavourable weather, she added.
Zuraida's ministry is talking to the finance ministry about a proposal to temporarily cut an export tax on crude palm oil by as much as half to help fill the global shortage of edible oil and boost Malaysia's market share, she told Reuters in an interview last week.Reporting by Mei Mei Chu; Editing by Bradley PerrettSign up to our investor newsletter to get the latest news and trends in global financial markets.
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