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Palm oil to be shipped to India, Switzerland

Palm oil to be shipped to India, Switzerland

MONG Reththy Group has agreed to export 16,000 tonnes of raw palm oil worth more than US$11 million to buyers in India and Switzerland this year, Vice President Mong Ratha said.

But poor weather had limited the size of the harvest and cut back on the possibility of further exports of the popular cooking oil, he added.

“We don’t expect more exports of oil this year because this year’s late rainfall has made us fail to achieve the targeted growth,” he added.

The group’s president, Mong Reththy, said earlier this year that the firm intended to harvest over 73,000 tonnes of palm oil fruit.

The shipments of 10,000 tonnes to India and 6,000 tonnes to Switzerland would fetch a total of $11.2 million at a rate of $700 per tonne, Mong Ratha said.

A Ministry of Water Resources and Meteorology official said there had been less rainfall this year than in previous years, but that high temperatures had also contributed to a harvest decline.

Temperatures soared over 40 degrees Celsius between March and May, Department of Meteorology deputy director Um Rina said.

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