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The top US and British diplomats said Wednesday (7 August) they were prepared to move “as soon as possible” on a trade deal after Britain’s planned withdrawal fro

Malaysian palm oil futures hit a fresh 10-week high on Wednesday during the second half of trade, boosted by lingering concerns that dry weather in Indonesia could impact output.

The oilseeds, sown during the rainy season that runs from June to September, were at risk of lower yields due to a drought a month ago that wreaked havoc with India’s water supply.

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange earlier rose as high as 2,109 ringgit ($503.82) per tonne, their highest since May 29, but pared some gains and ended the day flat at 2,102 ringgit.

A palm oil price guarantee of Bt4 per kilogram of 18 per cent of palm oil unit was finalised at a meeting between farmers’ groups and government officials, Deputy Prime Minister and Commerce Minister Jurin Laksanawisit said on Wednesday.

Exports increased 3.3% in July from a year earlier, while imports declined 5.6%, leaving a trade surplus of $45.1 billion, the customs administration said Thursday. Economists forecast that exports would drop by 1% while imports would shrink by 9%.

Palm oil is our third largest export earner but the highest net export earner because we export almost ten times the palm oil and palm oil-based products than we import.

The moratorium, which covers around 66 million hectares (254,827 square miles) of primary forest and peatland, was first introduced in 2011 and has been renewed regularly as part of the efforts to reduce emissions from fires caused by deforestation.

Adviser to Prime Minister on Commerce Abdul Razak Dawood said on Wednesday that Pakistan’s exports had increased by 14.23pc in July this year, as compared to the same month of last year.

Indonesia’s palm oil prices are expected to rise

India had granted the MFN status, a jargon for giving equal treatment to all trade partners under the WTO framework, to Pakistan unilaterally in 1996.

THE Philippines and South Korea are poised to conclude a bilateral free-trade agreement (FTA) one month ahead of the November target, as both parties are making significant progress in market access negotiations.