Palm oil export value will suffer if Malaysia stops exporting to EU, says minister

Published 2020년 11월 26일

Tridge summary

Malaysia's palm oil export value to the global market could be negatively impacted if the country ceases exporting the commodity and other palm-based products to the European Union (EU), which is the country's second-largest palm oil market after China. The country's export of palm oil to the EU reached 2.8 million tonnes, with an export value of RM8.5 billion in the first nine months of this year. The Ministry of Plantation Industries and Commodities is looking to expand into new markets such as Central Asia, Europe, Africa, Middle East and West Asia, and America. The Ministry of Finance has allocated RM20 million in Budget 2021 to address the anti-palm oil campaign.

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Original content

KUALA LUMPUR (Nov 26): Malaysia's palm oil export value to the global market would be affected if Malaysia no longer export the commodity and other palm-based products to the European Union (EU) as the region is the country's second-largest palm oil market after China, said the Ministry of Plantation Indistries and Commodities (KPPK). Minister Datuk Dr Mohd Khairuddin Aman Razali said the country's export of palm oil to the EU amounted to 2.8 million tonnes. “Out 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 with RM8 billion in the same period in 2019,” he said during his winding up debate on the Supply Bill 2021 in the Dewan Rakyat today. However, Mohd Khairuddin said the government was always striving to increase the export value of palm oil and palm-based products by exploring new markets which are net importers of oils and fats. “The market demand for palm oil was ...

Source: Theedgemarkets