04.11.2019 (malaysiakini.com) - PARLIAMENT | The government's efforts to increase palm oil exports have been successful, Primary Industries Minister Teresa Kok Suh Sim said today.
She said Malaysian palm oil exports from January to August recorded an increase of 12.6 million tonnes, compared with 10.53 million tonnes registered in the corresponding period last year.
“This will contribute to higher palm oil prices,” she said when responding to Seri Ismail Abd Muttalib's (BN-Maran) on her ministry's efforts dealing with a decline in palm oil stocks.
Kok said Malaysian palm oil exports stood at 2.45 million tonnes as of Oct 10, which was at an "optimum level".
“The government has also suspended crude palm oil export duties until next month to address surplus palm oil stocks," she said.
“The government is trying to reduce palm oil stocks as the supply had exceeded its demand of three million tonnes this year.”
Kok said her ministry was working hard to reduce palm oil stocks to stabilise the prices and increase revenue to the entire palm oil industry, including smallholders.
On India's threat of a Malaysian palm oil boycott, Kok said her ministry will hold regular meetings and negotiations with their Indian counterparts to mitigate the situation.