Palm Oil Export To EU Amounted RM8.5 Billion, Higher Compared To 2019

The pandemic has gotten the European region to consume more palm oil with Malaysia’s palm oil export increasing by RM500 million for the first 9 months of the year. Total 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

According to the Ministry of Plantation Industries and Commodities, European Union is Malaysia’s second largest palm oil market after China. Its Minister, Datuk Dr Mohd Khairuddin Aman Razali, said the country’s export of palm oil to the EU amounted to 2.8 million tonnes.

Despite the ongoing anti-palm oil campaign driven by certain quarters in Europe, the demand for the natural produce is at an all time high. However, Mohd Khairuddin said the government is settling on just these 2 markets but is 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.

New markets include Central Asia – Uzbekistan, Kazakhstan, Turkmenistan, and Kyrgystan; Europe – Bosnia and Herzegovina, Croatia, Romania, and Montenegro; Africa – Mauritania, Congo, Madagascar, and Kenya; Middle East and West Asia – Algeria, Morocco, Yemen, and Libya; and America – Haiti, Jamaica and the Caribbean.

To combat the negative campaign against Malaysian made palm oil, the Minister said the Finance Ministry through Budget 2021 had announced an allocation of RM20 million. This figure is reduced due to cost savings from less overseas mission and physical engagement sessions which will not be undertaken due to the COVID-19 global pandemic.

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