Malaysia’s palm oil potential remains intact despite softening crude palm oil (CPO) prices, and its prospects will remain bright in the second half of this year, according to Minister of Plantation Industries and Commodities Datuk Zuraida Kamaruddin.
Hanoi (VNA) - Malaysia’s palm oil potentialremains intact despite softening crude palm oil (CPO) prices, and its prospectswill remain bright in the second half of this year, according to Minister of PlantationIndustries and Commodities Datuk Zuraida Kamaruddin.
As reported by the country’s news agency Bernama, theofficial attributed these to the success of the ministry’s campaign, namely TheGlobal Movement to Champion the Goodness of Palm Oil, which is intended tocounter misinformation and false information on the commodity.
She said that Malaysia exported 11.47 million tonnes of palmoil and palm oil-based products for 67.48 billion RM (15.18 billion USD) betweenJanuary and June, annually increasing by 2.8% and 55.2%, respectively.
Zuraida said the sharp rise in export earnings was partly due to a spike in CPOprices, both domestically and abroad.
In the first half, CPO prices rose by 55.9% to 6,330 RM pertonne from 4,061.50 RM per tonne posted in the same period last year./.
Malaysia has recently filed a complaint with the World Trade Organisation (WTO) over the European Union (EU)’s rules affecting the consumption of palm oil-based biofuels.
Malaysia’s palm oil industry is expected to maintain its 2021 performance this year backed by various marketing and promotional efforts to be conducted by the Ministry of Plantation Industries and Commodities and its agencies.
The Malaysian government will leverage on the escalating prices of crude palm oil (CPO) to increase the country’s market share of palm oil in the global market, Minister of Plantation Industries and Commodities Datuk Zuraida Kamaruddin said.
Malaysia’s trade turnover witnessed a record high in June, hitting 270.39 billion RM (over 60.6 billion USD), up 43.4% year-on-year, which is a clear sign of strong and flexible development of the country’s economic foundations.
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A palm garden in Johor, Malaysia (Photo: AFP/VNA) 
