Malaysia may stop eggs export to keep prices down

PUTRAJAYA: Malaysia is looking into reducing or even halting the export of eggs to ensure supply at home as well as to keep prices down.

Domestic Trade and Consumer Affairs Minister Datuk Seri Saifuddin Nasution Ismail said he would discuss the possibility with his counterpart from the Agriculture and Agrobased Industry Ministry.

Malaysia currently exports eggs to Singapore, Mauritius and Hong Kong, among others. There are about 10 big players in the industry.

Saifuddin said based on information from the Veterinarian Services Department, the supply of eggs was currently at about 120%.

“According to theory, if there is more supply, the prices should come down but that doesn’t seem to be the case,” he said after the ministry’s monthly assembly yesterday.

The ministry, said Saifuddin, was also investigating the rise in egg prices – whether cartels were colluding to fix these prices, adding that enforcement operations had begun on Dec 7 to find out the cause at farms, distributors and wholesalers.

Saifuddin said there had been a trend of rising prices for chicken eggs from the middle of last month until early this month, adding that it had also issued notices under Section 21 of the Price Control and Anti-Profiteering Act 2011 to the businesses.

“If traders are found to increase prices to get unreasonable profits, we will not hesitate to take action,” he said.

Saifuddin said the ministry would also work with the Malaysia Competition Commission (MyCC) and the Veterinarian Services Department to ensure effective measures, including looking at factors such as hot weather and diseases.

“Egg is a cheap source of protein. If it is expensive, there are bound to be many complaints,” he said.