Commodity Exports Set to Top RM92 Billion

Export earnings contribution from the commodity sector
is expected to increase to over RM92 billion this year, backed by

stronger prices and positive growth outlook.

The outlook is on the upside based on the economic growth rates

registered by Malaysia’s major trading partners including China.

“As

such, it is important that we continue to explore ways to strengthen

our export markets by offering quality com modity-based products,” said

Plantation Industries and Commodities Minister Tan Sri Bernard Dompok

(picture) at the Malaysian Estate Owners Association (MEOA) dinner in

Kuala Lumpur last night.

Also present was MEOA president Boon

Weng Siew.

Dompok said contribution by the country’s oil palm

industry to the world’s oils and fats market is significant.

Last year, Malaysia exported 90 per cent of the 17.73 million tonnes

of palm oil produced. The production also accounted for 11.1 per cent

of the total of 160 million tonnes of oils and fats produced globally.

In addition, Malaysian palm oil commands a 25 per cent share of the

export trade in oils and fats, 46 per cent share of global palm oil

trade and is exported to over 150 countries.

Dompok also said

with the expected improvement in the global economy, it is envisaged

that fossil fuel prices are expected to rise. This increase will have

an impact on fertiliser cost.

He said the government had

assisted the industry by abolishing import duties on all mineral-based

fertilisers in 2008.

“In the foreseeable future, it is

expected that prices of most fertiliser especially potash will continue

to increase.”

In this regard, Dompok encourages growers,

researchers and palm oil mills to pool their resources in the production

of organic fertilisers from empty fruit bunches.

Source : Business Times

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