KUALA LUMPUR : The Asian Palm Oil Alliance (APOP), a body of palm oil buyers, want producing countries to make sure they have stable export policies after changes last year caused volatility in the trading of the tropical oil, the head of the group said. India, Pakistan, Bangladesh, Nepal and Sri Lanka a
KUALA LUMPUR : The Asian Palm Oil Alliance , a body of palm oil buyers, want producing countries to make sure they have stable export policies after changes last year caused volatility in the trading of the tropical oil, the head of the group said.
Importing countries have built refineries to process crude palm oil, but producers are imposing higher export duties on crude palm oil than for refined and making the buying of refined palm oil cheaper than the crude grade, Chaturvedi said. Dorab Mistry, the director of Indian consumer goods company Godrej International, told the gathering that key producers Indonesia and Malaysia need to realise that Asian countries are their most trusted buyers and that they make purchases without creating trouble for the industry.
Indonesia, the world's biggest exporter of palm oil, last year surprised buyers by banning palm oil exports, which forced buyers to secure supplies from rival Malaysia at a record high price and look for alternatives such as soyoil and sunoil.
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