Malaysia suspended export taxes on crude palm oil for three months last week.
“With this development, we expect a 30%-50% increase in the export volume to major importing countries like India, Pakistan, China and Europe,” FGV group president and CEO Zakaria Arshad said in a statement.
“This will 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 RM2,650 to RM2,750 per metric tonne, he added.