Malaysia’s palm oil exports to China set to rise
Malaysia’s palm oil and palm oil-related exports to China are expected to increase this year, if not maintained at last year’s level, says Deputy Prime Minister Datuk Seri Fadillah Yusof (pic).
Exports of palm oil and palm oil-related products to China reached US$3.72bil (RM14.86bil) last year and this substantial number constituted 11.4% of Malaysia’s total worldwide exports of palm derivatives, which equated to RM130.25bil.
“There are many markets that we have not penetrated in China.
“Hence, we need to continue to strengthen the trade relationship between both countries,” he said after holding two bilateral meetings with China’s Minister of the General Administration of Customs YuJianhua and Chinese Vice-Premier Liu Guozhong here yesterday, Bernama reported.
Fadillah, who is also Plantation and Commodities Minister, said his visit to China was a follow-up to Prime Minister Datuk Seri Anwar Ibrahim’s visit to the country in March this year.
During the visit, Anwar met with President Xi Jinping to mark his maiden trip to China since coming into power in November last year.
Malaysia also secured a record RM170bil in investment commitments during the trip.
Regarding palm oil imports, Fadillah said China committed to further increasing the amount of palm oil imports and downstream products containing palm oil from Malaysia, which is the world’s second-largest producer of vegetable oil.
The Deputy Prime Minister said China planned to increase not only the import of palm oil but also derivatives including tocotrienol, which is a palm oil-based vitamin E.
“China also wants to see how we could increase cooperation in terms of research and development to boost the use of palm oil in the country,” Fadillah said.
He said the meetings also discussed fresh fruit exports to China.
“We started exporting jackfruit to Nanning this year.
“They are keen to increase the delivery of other fruits, including durian,” he said.
Fadillah is scheduled to meet with Minister of Agriculture and Rural Affairs Tang Renjian today.
The Deputy Prime Minister is on his maiden official visit to China from Nov 12-19.
Source: The Star