KUALA LUMPUR: Malaysia’s palm oil exports stood at 9.66 million tonnes, equivalent to RM40.51 billion during the first eight months of 2023 (8M 2023), said the Ministry of Plantation and Commodities (KPK).
The ministry said India was Malaysia’s main palm oil importer, importing 1.81 million tonnes or RM7.08 billion worth of palm oil during the period.
“China is the second largest importer at RM3.30 billion (0.85 million tonnes), followed by the European Union (EU) (RM3.10 billion, 0.71 million tonnes),“ KPK said in a written reply to a question from Datuk Azman Nasrudin (PN-Padang Serai) in the Dewan Rakyat, published on the Parliament’s website today.
Azman had asked about Malaysian palm oil exports by country based on ringgit value and tonnage.
The ministry said that based on the data from the Malaysian Palm Oil Board, the major importers of Malaysian palm oil were India, China, the EU, Turkiye, Kenya, Japan, Pakistan, South Korea, the Philippines and Saudi Arabia.
At the same time, in response to Azman’s question about the latest obstacles regarding the export of palm oil, KPK said that the EU Regulation on Deforestation-free Products (EUDR), which will come into effect next year is a trade barrier.
The ministry pointed out that the EUDR is an additional administrative burden and will increase production costs, making palm oil less competitive than other vegetable oils in Europe.
“The EUDR will restrict free and fair trade, resulting in adverse effects on the global supply chain.
“As the world’s main palm oil producers, Malaysia and Indonesia are actively engaging in negotiations and discussions with the EU’s top leaders to explain the negative implications of the regulation from the economic perspective,“ it said. -Bernama