KUALA LUMPUR: Malaysia’s imports of unmilled wheat fell 23.9% year on year to 77,888 mt in December, and were down 17.3% month on month, latest Department of Statistic Malaysia data released Friday showed.
The year-on-year fall was attributed to a depreciation of the ringgit against the US dollar that made imports more expensive, market sources said. Over January-December, the country imported 1.35 million mt of unmilled wheat, up 11.4% year on year. Around 60% of Malaysia’s wheat imports are sourced from Australia, with the balance coming mostly from the US and Canada.
Meanwhile, the Trans-Pacific Partnership signed by 12 Pacific Rim countries Thursday will remove import taxes on wheat and wheat products from the US that were previously as high as 7%. The impact of the change was not immediately clear, as US cargoes will remain more expensive for Asian buyers than other sources of supply.
Platts assessed Australian Premium White flat day on day at $212/mt FOB Western Australia Thursday. US Soft Red Winter price for April-May was heard at $202-$203/mt FOB Pacific North West, making the CFR price, which includes freight costs, more expensive.
