Area
Malaysia
Commodity Group
Oilseeds, oils and meals
Commodity
Palm oil
Date
01/04/2019
Policy Category
Trade
Policy Instrument
Export policy
Description
Supported efforts by the countrys palm oil industry to penetrate new markets in Southeast Asia, Africa and Central Asia, in a bid to counter slowing growth in global demand. Reportedly, new palm oil-based countertrade deals were signed with the Russian Federation, while similar possibilities were explored in China, India, the Islamic Republic of Iran, Pakistan and Turkey.
Notes
Malaysia stepped up its efforts to penetrate new markets thereby enhancing the nations palm oil exports. Countries in Southeast Asia, Africa and Central Asia are eyed as potential import markets. Recently, ministry officials reported new palm oil-based countertrade deals with the Russian Federation and maintained that other countries including China, India, The Islamic Rep. of Iran, Pakistan and Turkey would be equally open to such arrangements. Regarding China, according to a recently signed MoU, the country accepted to purchase an additional 1.9 million tonnes of Malaysian palm oil and palm oil-based products over the next 5 years. The two countries also agreed to set up, in China, an aviation biofuel plant worth MYR 2 billion (USD 0.48 billion), as well as to invest up to MYR 200 million (USD 48 million) in the production of unsaturated fat, depending on market feasibility.
