Malaysia: Exports of natural rubber, rubber-based products jump 30%
KUALA LUMPUR: The natural rubber and rubber-based products were the ‘stars’ in 2017, with export up 30.2% to RM32.3bil, said Plantation Industries and Commodities Minister Datuk Seri Mah Siew Keong.
He said the other commodities, such as palm oil, also performed reasonable well, increasing by 14.6 % to RM77.8 bil.
“The palm oil export has surpassed our initial target of RM70 bil last year and for 2018, we are confident of achieving over RM80 bil,” he told Bernama.
The total export earnings of commodity products amounted to RM140.3bil, or 15% of Malaysia’s total merchandise export, 14.4% higher than RM122.6 bil in 2016.
Mah said although the palm oil and palm-based products recorded a positive number, only 10% of the trees has been utilised.
“We are going into more value-added products, including the oleochemical products and pharmaceuticals, with the aim to increase the palm oil consumption.
“The commodity has got big future in the country and we are seriously looking into it,” he said, adding that currently there were companies that were ready to exploit the biomass industry in Malaysia.
In his commentary in one of the local newspapers last month, Mah said the fronds, trunks, empty fruit bunches and palm kernel shell were biomass from palm oil output that most Malaysians were unfamiliar with.
Hence, many were also unaware of the vast opportunities to turn palm biomass into wealth, he said.
The ministry welcomed industrial players who would put big money into research and development in the field, he said.
Yesterday, the minister received a visit from British High Commissioner to Malaysia, Vicki Treadell, where both discussed the proposed European Union (EU) Parliament’s move to remove palm oil from biofuels mix by 2021.
They also talked about the future cooperation between Malaysia and the UK, especially in exploring the development of palm oil-based high value-added downstream products to create new economic opportunities.
Mah is scheduled to lead a Malaysian delegation to Europe for the Malaysia-EU Palm Oil Consultation starting Saturday.
The mission aims to negotiate with members of the tripartite consultation from influential countries to seek their support and state Malaysia’s firm stand against the injustice done to the palm industry.
Besides several EU commissioners and policymakers, the delegation will also meet government representatives of Germany, UK, Belgium, Spain, Italy, and Poland.
For more Rubber and Crude Palm Oil reports that includes twice daily prices & other news reports, you can purchase the subscription here.
Founder of i2Matrix. A market strategist, private trader and sought-after financial speaker and trainer in the Asian Region, Benny Lee has coached hundreds of professional and retails traders and investors in Malaysia, Singapore, Hong Kong, Thailand, Vietnam, Pakistan for more than 13 years. His passion in trading and chart analysis leads him to develop trading strategies that have helped him and many others to trade and invest successfully in the financial markets.
Benny Lee is recognized by the Malaysian and Singapore Stock Exchange as a Credible Trainer. He has also trained professionals in Malaysia under Securities Commission’s Continuous Professional Education (CPE) Program. He is also a market strategist Jupiter Securities Sdn Bhd, a Malaysian stock-broking firm.
Benny has been invited to share his expert opinion in major commodities and financial events in Malaysia, Singapore, India, Indonesia, Vietnam, Thailand, and Romania. His analysis on the financial markets can also be found on a regular basis in leading financial magazines like Smart Investor, Shares Investment Magazine and The Edge Daily in Malaysia, and Pulses Magazine in Singapore. He has also appeared on TV Financial Programs such as Capital TV (Malaysia), Channel News Asia (Singapore) and Sunbiz (Pakistan) to share his views about the markets and technical analysis.
Today, you can find his market comments regularly on The Financial Edge Daily (Wednesdays), Interview on BFM89.9 (www.bfm.my) business radio station on Mondays at 9.00 am, The Busy Weekly, a Chinese business weekly and Palm Oil Fortune (A monthly magazine by the Malaysian Palm Oil Council, MPOC). His views are also regularly quoted on Bloomberg.
For more information, you can visit them at http://www.i2matrix.com