China to increase palm oil imports from Malaysia

Malaysia’s palm oil exports to China are expected to increase this year or remain at last year’s level, says Deputy Prime Minister Datuk Seri Fadilla Yusof.

Exports of palm oil and palm oil-related products to China reached US$3.72 billion (RM14.86 billion) last year, and this significant amount accounted for 11.4 percent of Malaysia’s total global exports of palm oil derivatives, totaling RM130.25 billion.

“Hence, we need to further strengthen trade relations between both countries,” he said after holding bilateral meetings with Chinese General Administration of Customs Minister Yu Jianhua and Chinese Vice Premier Liu Guojun, Bernama reported.

Fadilla, who is also plantations and commodities minister, said his visit to China was a follow-up to Prime Minister Datuk Seri Anwar Ibrahim’s visit to the country in March this year.

During the visit, Anwar met with President Xi Jinping to mark his first trip to China since taking power in November last year.

Malaysia also secured record investment commitments of RM170 billion during the trip.

On palm oil imports, Fadilla said China intends to further increase imports of palm oil and palm oil-containing processed products from Malaysia, which is the world’s second-largest vegetable oil producer.

The deputy premier said China plans to increase imports not only of palm oil but also derivatives including tocotrienol, which is a palm oil-based vitamin E.

“China also wants to see how we could increase cooperation in research and development to increase the utilization of palm oil in the country,” Fadilla said.

Tags: China, Malaysia, palm oil