China to increase palm oil imports next year

PETALING JAYA: The official visit of Deputy Prime Minister Datuk Seri Fadillah Yusof to China has ended successfully with the country committing to closer cooperation, especially in the fields of agriculture and palm oil commodities.

Fadillah, who is also the Minister of Plantation and Commodities, said that China has committed to increase palm oil imports to 3.4 million tonnes next year compared with the estimated 3.14 million tonnes so far.

China has been Malaysia’s largest trading partner for the past 14 years.

In 2022, the value of Malaysia’s agri-commodity exports to China contributed 12.8% of Malaysia’s total agricultural commodity exports in the international market with a value of RM26.46bil, an increase of 11% compared with 2021.

The value of palm oil-based products exports to China in 2022 was RM16.41bil while the value of Malaysia’s palm oil exports to China in the same year was RM8.44bil.

“I think this is a very successful mission. Although we had a very tight schedule, it was meaningful and very productive discussions and we saw their response was very positive.

“Whatever we discussed and presented, they welcomed it and are committed to increase trade with our country,” he told the media in Beijing at the end of his official visit to China. Fadillah began his visit to China on Nov 12, starting with a three-day visit to Shanghai followed by four days in Beijing. — Bernama