EXPORTS OF PALM OIL AND RELATED PRODUCTS REACHED RM99.3 BLN FOR JAN-NOV PERIOD - JOHARI

BANGI, Dec 16 (Bernama) -- Exports of palm oil and related products have recorded RM99.3 billion for the period January-November 2024, an increase of RM12.5 billion compared to the same period in 2023.

Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani said seven markets collectively contributed 54.4 per cent of Malaysia's total palm oil exports for the first 11 months of 2024.

"For the January to November 2024 period, India remains the largest market for Malaysian palm oil with 2.9 million tonnes (18.5 per cent), followed by China (1.3 million tonnes), the European Union (1.2 million tonnes), Kenya (1.1 million tonnes), Turkiye (832,000 tonnes), the Philippines (611,000 tonnes), and Japan (553,000 tonnes)," he said in his speech during the 2024 Malaysian Palm Oil Board (MPOB) Excellence Awards Ceremony, here today. 

Johari said that Malaysia aims to achieve an increase in exports from palm oil and palm-based products this year.

He added that the country's palm oil is the third-largest contributor in terms of export value.

"To date, palm oil is the third-largest contributor to the country's export value, after the electrical and electronics (E&E) sector and the oil & gas sector.

"So, this year, I expect this sector to continue recording higher figures compared to 2023," he said.

Johari emphasised that global demand for palm oil will increase in line with the growing world population.

"Considering the limited resources, Malaysia, as the second-largest palm oil producer, must seize this opportunity to increase productivity and output.

"The issue of food security faced by the world also urges countries like Malaysia to boost productivity in producing agri-commodities to meet the rising demand," he said.

Johari noted that next year, Malaysia will take over the chairmanship of the Council of Palm Oil Producing Countries (CPOPC) and will hold the position of Secretary-General starting June 1, 2025, for a period of three years.

At the CPOPC Ministerial Meeting last month, Johari highlighted that the CPOPC must play a role in countering the negative perceptions of palm oil by sharing the benefits of palm oil products in terms of food security and health.

He said that the Malaysian Sustainable Palm Oil (MSPO) standard has been published in the International Trade Centre (ITC) Standards Map.

This signifies recognition of Malaysia's commitment to sustainability, particularly in responsible palm oil production, Johari said.

The ITC Standards Map is the world's largest sustainability database, developed jointly by the United Nations and the World Trade Organization.

-- BERNAMA