Revenue From Palm Oil, Palm Oil-Based Product Exports Up 15 Pct To RM78 Bln

TELUK INTAN (Perak, Malaysia) March 2 (Bernama) -- Malaysia's revenue from exports of palm oil and palm oil-based products rose by 15 per cent to RM78 billion (US$19.9 billion)last year compared with RM67.5 billion in 2016, said Plantation Industries and Commodity Minister, Mah Siew Keong. He said this was due to Malaysia's efforts to expand its palm oil market as well as to explore new markets in Iran and Saudi Arabia. “Also, the government’s move to suspend export taxes on crude palm oil for three months starting Jan 8 to boost prices also helped,” he said. Mah, who is also member of Parliament for Teluk Intan, said this to reporters after presenting secondary school uniforms for the parliamentary constituency at the Chong Min Chinese National School here Friday. A total of 500 secondary students from 12 schools around Teluk Intan received a set of school supplies worth RM152, including uniforms, school bags, shoes, socks, scarves and stationery sets contributed by the Sime Darby Foundation. Mah said during this period, oil palm companies would have to take advantage of the suspension of export duties by carrying out more export activities thus boosting the export earnings of oil palm and palm oil-based products. Meanwhile, Mah said, the European Union’s (EU) action to ban imports of palm oil from abroad to the union state by 2021 would not be successful. "During my recent visit to six European countries, the EU member states have made a commitment to Malaysia not to support the resolution passed by the European Parliament. "I’ve received very encouraging feedback from the European ministers who gave full support to Malaysia and I am confident the proposal would be unsuccessful," he said. Mah recently lead a delegation to six European countries – France, Spain, UK, Italy, Netherlands and Sweden – for the Malaysia-EU Palm Oil Consultation. (US$1 = RM3.91) -- BERNAMA