Malaysia strives to maintain palm oil industry’s growth in 2022
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.
Malaysia’s palm oil industry is expected to maintain its 2021 performance this year. (Photo: malaymail.com)
Kuala Lumpur (VNA) – Malaysia’s palm oilindustry is expected to maintain its 2021 performance this year backed by variousmarketing and promotional efforts to be conducted by the Ministry of PlantationIndustries and Commodities and its agencies.
Minister Datuk Zuraida Kamaruddin said at a seminar onJanuary 5 that she is optimistic that the industry would be able to achieve itsgoal with palm oil production likely reaching about 20 million tonnes.
Zuraida said last year’s successes and accomplishmentswere accompanied by new challenges. Due to the global shutdown of borders as aresult of the COVID-19 outbreak, obtaining foreign labour has becomedifficult, she said.
Palm oil production was severely impactedsince the plantation worker shortfall, estimated at 75,000, causing harvestingactivities to be delayed and lowering the quality of the fruit bunchesharvested, she added.
The minister said to overcome this problem, thegovernment has agreed to employ 32,000 foreign workers with strict compliancewith the outlined SOP.
She said despite similar obstacles that the industrymight face this year, industrial players are optimistic that they would be ableto meet the production level for this year to cater for the current market likeIndia and China as well as supporting the government’s ambition to penetratenew markets.
Meanwhile, the minister said 2022 would also be a yearfor the ministry to strengthen its promotional efforts for the globalrecognition of the Malaysian Sustainable Palm Oil (MSPO) as Malaysia’ssustainability standard.
As of November 2021, the total exports of Malaysianpalm oil and its derivatives stood at 22.14 million tonnes and due to high palmoil prices, the total revenue increased by 40 percent to 91.4 billion RM (21.8 billion USD) comparedwith 2020./.
Indonesia, the world’s largest palm oil producer, will begin raising export tariffs on crude palm oil (CPO) in order to support its Government’s compulsory bio-fuel programme.
Palm oil retreated from an eight-year high on concerns that shipments from second-biggest grower Malaysia may dwindle next month amid weaker demand from China, reported the Bloomberg.
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.
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Malaysia’s palm oil industry is expected to maintain its 2021 performance this year. (Photo: malaymail.com) 
