KUCHING: Malaysia is aiming to increase its export value of palm oil to China to over RM14bil this year, according to Datuk Seri Fadillah Yusof.
The Deputy Prime Minister stated that a visit to China will be organized to strengthen the trade relations between the two countries, specifically in palm oil.
“China is one of the largest importers of palm oil, so this trade mission will focus on increasing our palm oil exports,” he told reporters at the opening of the International Pepper Community’s (IPC) 51st annual session and meeting in Kuching on Tuesday (Nov 7).
Fadillah also mentioned that the proposed visit to China aims to enhance the bilateral relations as next year will mark the 50th anniversary of Malaysia-China diplomatic relations.
Last year, Malaysia exported 3.14 million tonnes of palm oil and palm-based products worth RM14.86bil to China, making it Malaysia’s second largest export market for palm oil, accounting for 11.2% of the total palm oil exports from Malaysia.
Malaysia aims to strengthen trade relations and increase palm oil exports to China. The Deputy Prime Minister, Datuk Seri Fadillah Yusof, announced that Malaysia is targeting an export value of palm oil above RM14bil this year. To achieve this goal, a visit to China will be arranged to focus on boosting palm oil trade between the two countries. China has been one of the biggest importers of palm oil from Malaysia, making it a crucial market for Malaysian palm oil exports. The expected increase in export value of palm oil to China follows the previous year’s achievement of RM14bil in export value.
The visit to China serves a dual purpose, as it is also aimed at strengthening bilateral relations between Malaysia and China. This is particularly important as next year will mark the 50th anniversary of Malaysia-China diplomatic relations. The proposed visit is expected to provide an opportunity for both countries to enhance their diplomatic ties and explore avenues for further collaboration.
Last year’s palm oil export figures to China highlight the significant role China plays in Malaysia’s palm oil industry. Malaysia exported 3.14 million tonnes of palm oil and palm-based products worth RM14.86bil to China in 2022, making it the second largest export market for Malaysian palm oil. China accounted for 11.2% of Malaysia’s total palm oil exports, reinforcing its position as a key market for Malaysian palm oil.
In conclusion, Malaysia’s focus on increasing palm oil exports to China underscores the importance of the Chinese market for Malaysia’s palm oil industry. The proposed visit to China aims to strengthen trade relations and celebrate the 50th anniversary of Malaysia-China diplomatic relations.
