Malaysia saw RM40.5b palm oil exports in the 8 months of 2023

Published 2023년 11월 1일

Tridge summary

Malaysia's palm oil exports totalled 9.66 million tonnes worth RM40.51 billion in the first eight months of 2023, with India being the largest importer followed by China and the European Union (EU). The Ministry of Plantation and Commodities highlighted that the EU's Regulation on Deforestation-free Products (EUDR), which will be implemented next year, poses a trade barrier and increases production costs, making palm oil less competitive in Europe. Malaysia and Indonesia are actively engaging in negotiations with EU leaders to address the negative implications of this regulation.

Overall, Malaysia's palm oil exports have been significant, with India, China, and the EU being the major importers. However, the EU's impending regulation on deforestation-free products presents challenges and would impact the competitiveness of palm oil in the European market. Efforts are underway to engage with EU leaders and address the economic concerns surrounding the regulation.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

KUALA LUMPUR (Nov 1): Malaysia’s palm oil exports stood at 9.66 million tonnes, equivalent to RM40.51 billion, during the first eight months of 2023 (8M2023), said the Ministry of Plantation and Commodities. The ministry said India was Malaysia's main palm oil importer, importing 1.81 million tonnes or RM7.08 billion worth of palm oil during the period. "China was the second largest importer at RM3.30 billion (850,000 tonnes), followed by the European Union (EU) (RM3.10 billion or 710,000 tonnes)," the ministry said in a written reply to a question from Datuk Azman Nasrudin (Perikatan Nasional-Padang Serai) in the Dewan Rakyat, published on Parliament’s website, on Wednesday. Azman had asked about Malaysian palm oil exports by country based on ringgit value and tonnage. The ministry said that based on the data from the Malaysian Palm Oil Board, the major importers of Malaysian palm oil were India, China, the EU, Türkiye, Kenya, Japan, Pakistan, South Korea, the Philippines and ...

Source: Theedgemarkets