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KUALA LUMPUR (Nov 26): The value of Malaysia’s palm oil exports to the global market would be affected if Malaysia no longer exports the commodity and other palm-based products to the European Union (EU), as the region is the second largest palm oil in the country. market after China, said the Ministry of Plantation and Commodity Industries (KPPK).
Minister Datuk Dr. Mohd Khairuddin Aman Razali said that the country’s palm oil export to the EU amounted to 2.8 million tonnes.
“Of this total, the export value of palm oil and palm-based products to the EU in the first nine months of this year amounted to RM8.5 billion compared to RM8 billion in the same period in 2019.” he said during his wrapping up the debate on the Supply Bill 2021 in Dewan Rakyat today.
However, Mohd Khairuddin said the government has always strived to increase the export value of palm oil and palm-based products by exploring new markets that are net importers of oils and fats.
“Market demand for palm oil has been encouraging in recent years.
“The new markets are Central Asia: Uzbekistan, Kazakhstan, Turkmenistan and Kyrgyzstan; Europe: Bosnia and Herzegovina, Croatia, Romania and Montenegro; Africa: Mauritania, Congo, Madagascar and Kenya; Middle East and West Asia: Algeria, Morocco, Yemen and Libya; and America: Haiti, Jamaica and the Caribbean ”, he said.
In a related development, Mohd Khairuddin said that the Ministry of Finance (MoF) until Budget 2021 had announced an allocation of RM20 million to tackle the campaign against palm oil.
“KPPK believes that the lower allocation is in line with the cost savings from the overseas mission and physical participation sessions that could not be conducted due to the global Covid-19 pandemic.
“To that end, the ministry will continue promotional efforts to increase the marketability of palm products virtually and through government-to-government cooperation.
“I am confident that with the assignment we will be able to implement an advocacy strategy that is capable of addressing the concerns expressed,” he said.
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