Malaysia palm export rises

Malaysia palm export rises

KUALA LUMPUR (Reuters): Malaysia will benefit from Indonesia's move to ban palm oil exports in the first quarter of 1998, with exporters and refiners yesterday predicting an increase of up to 25 percent in Malaysian exports during that period.

Indonesia last month banned the export of crude palm oil and its products between January and March in a bid to boost domestic production and reduce the price of cooking oil.

The government said last week that the ban would be retained and that palm oil exporters would have to pay an export tax not exceeding 20 percent when the ban is lifted from April.

"Naturally, exports in Malaysia will jump. I would say that exports could rise by up to 25 percent in the first quarter (from the same period in 1997)," said an official at a Malaysian refinery.

Cargo surveyor Societe Generale de Surveillance Malaysia Sdn Bhd estimated Malaysia's palm oil exports for January 1-20 at 547,882 tons against 446,707 tons in December 1-20.

Malaysia exported 1.51 million tons of palm oil in the first quarter last year. Exports for the whole of 1997 were estimated at 7.39 million tons.