KUALA LUMPUR, May 22 — Malaysia’s palm oil exports increased 26.9 per cent to RM17.12 billion for the period of January-April 2021 compared to RM13.49 billion in the same period in 2020.
Plantation Industries and Commodities Minister Datuk Dr Mohd Khairuddin Aman Razali said the factors that contributed to the increase were rising prices of palm oil and other competing fats in the world market.
He said with the performance, the Ministry of Plantation Industries and Commodities was confident that the palm oil export target of RM75 billion this year could be achieved with the support of its new programmes.
The programmes are additional initiatives in the form of matching grants of RM20 million through the Strategic Programme to Empower the People and Economy (PEMERKASA) which utilises 65 Sustainable Oil Palm Growers Cooperatives (KPSM) and matching grants of RM30 million to encourage investment in mechanisation and automation.
“These programmes will increase the purchase of machinery and mechanisation practices in the commodity industry.
“It is supported by the active involvement of KPSM and is expected to generate higher income for all oil palm entrepreneurs, including smallholders throughout the country,” he said in a statement today.
The Malaysian palm oil industry is a major economic sector that contributes to economic development and gross domestic product (GDP).
In 2020, the industry contributed RM73.25 billion of export revenue with a GDP contribution of 3.6 per cent.
Malaysia also contributed 26 per cent to world palm oil production and 34 per cent to total world palm oil exports in 2020.
“Even though the challenge of COVID-19 is expected to continue throughout the year, the ministry will continue to face it in its efforts to develop the agri-commodity industry which is a significant contributor to the national economy and a catalyst to increase the income of people in rural areas.
“The ministry is confident and believes that the role can be shouldered in order to achieve the aspirations of the government and the people,” he said.
