Malaysia’s Palm Oil, Palm-Based Product Exports Estimated At RM65-70b For 2020

Malaysia’s Palm Oil, Palm-Based Product Exports Estimated At RM65-70b For 2020

by admin- Friday, July 17th, 2020 08:04:46 AM


Malaysia is expected to export palm oil and palm-based products valued at among RM65 billion and RM70 billion this year compared to RM63.73 billion in 2019.

Plantation Industries and Commodities Minister Datuk Dr Mohd Khairuddin Aman Razali said the commodity’s performance had proven development notwithstanding the Covid-19 pandemic.

“We may also intensify the advertising and marketing of palm oil to relevant India and new markets,” he stated in respond to Teresa Kok Suh Sim’s (PH-Seputeh) question on palm oil export earnings for January-June in comparison to the envisioned overall palm oil export earnings for 2020.

As for the palm oil export fee for the first half of this yr, he said primarily based on information launched by means of the Malaysian Palm Oil Board (MPOB), the figure turned into RM21.Sixteen billion.

This changed into up from RM20.06 billion for the same length last year.

With regard to general export price of palm oil and palm-primarily based merchandise, Mohd Khairuddin said it changed into RM32.47 billion for January to June this yr compared with RM31.91 billion for the identical period ultimate yr.

Kok also posed a supplementary question on the impact of the freeze in foreign worker recruitment at the commodities region, to which the minister stated at a time of excessive unemployment following the Movement Control Order and Covid-19, the concern need to be to lease locals for jobs within the plantations.

“We will strive to enhance the overall performance and yield of the commodities, especially palm oil, and on the equal time preserve our optimism on the envisioned export price,” he said.

Meanwhile, Mohd Khairuddin stated purple palm oil would continue to be promoted to consumers considering its fitness blessings.

Source : The Edge Markets

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