Explore opportunities to boost palm oil export to Asia-Pacific

KUALA LUMPUR: Malaysian palm oil industry leaders have been encouraged to explore opportunities to export to Asia-Pacific as the region is expected to increase its Malaysian palm oil imports by an extra 350,000 metric tonnes (MT) this year, leading up to an extra 692,000 MT in 2020.

In a statement yesterday, Minister of Plantation Industries and Commodities, Datuk Seri Mah Siew Keong, said the Malaysian palm oil has a steady market within the Asia-Pacific.

“It commands an average of 65 per cent regional market share despite the competitive price offered by other oil palm producing countries,” he said.

Mah said this during a special dialogue session with captains from palm oil industry on issues revolving Malaysian palm oil exports yesterday.

The Ministry of Plantation Industries and Commodities said during the meeting, the captains of the industry expressed interest to diversify the export markets and ensure that the proposed emerging markets would be taken into further deliberation among their respective decision-makers.

“The industry captains also expressed their support towards the proactive measures taken by the government to increase Malaysia’s share in the global oil palm market, particularly by committing to export 100 per cent certified sustainable palm oil by end-2019,” it said.

Mah lauded the collective commitment and described it as imperative to demonstrate Malaysia’s serious commitment to ensure sustainable palm oil supply by 2020.

The ministry said last year, Asean countries imported a total of RM8.3 billion of palm oil and palm oil products from Malaysia, with the Philippines, Vietnam and Myanmar being major importers, recording some RM2.3 billion, RM1.8 billion and RM932 million, respectively.

The imports accounted 57 per cent of total palm oil and palm oil products exported to the Asean region. — Bernama