GEORGE TOWN: The Plantation Industries and Commodities Ministry has formed a team to find ways to increase exports of palm oil and palm oil products to China, following the country’s decision to impose 25% levy of soya oil imported from the United States.
“China has announced the 25% levy on soya oil in response to the United States imposing duty on some Chinese items. The country is the biggest buyer of soya bean in the world from the United States,” said its minister Datuk Seri Mah Siew Keong.
“We must work hard to meet the possible increase in demand for palm oil following the trade war between China and the United States since palm oil is a big revenue earner for our country.
“Palm oil is a competitor to soya oil and there may be more demand for palm oil from China,” he said at a press conference at the Penang Gerakan headquarters here yesterday.
Mah added that he had spoken to the Chinese Ambassador to Malaysia Bai Tian on the matter.
China imported palm oil worth RM9.42bil from Malaysia last year compared to the European Union (RM11bil).
He said Malaysia exported 17.6 million tonnes of palm oil in 2016 and 19.8 million last year. This year, the amount is expected to hit 20 million.
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