Malaysia Upbeat on Palm Oil Sales to Philippines

MALAYSIA EXPECTS its palm oil sales to the Philippines to continue to grow due to favorable market conditions here, an official said on Monday.

“The growth trend shows that we have increased our exports of palm oil to the Philippines by 10% annually, and we expect this to continue,” said Tan Sri Bernard G. Dompok, plantation industries and commodities minister of Malaysia in a press briefing during the Malaysia-Philippines Palm Oil Trade Fair and Investment Seminar today.

According to Mr. Dompok, last year, Malaysia exported about 512,000 metric tons (MT) of palm oil to the Philippines, which was a 150% increase from the 204,731 MT it brought into the country in 2010.

The official noted that the Philippines is one of the “growing markets” among the 150 countries which serve as the destinations of Malaysia’s palm oil exports.

“With the increasing economic prosperity and improved living standards of the country’s growing population, there is ample room for further growth in our palm oil exports here,” he said. –Bettina Faye V. Roc

Source: Business World Online

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