Malaysia is confident it can meet global demand for palm oil
The global demand for palm oil is likely to switch to Malaysia after Indonesia’s export ban. Malaysia’s Plantation Industries and Commodities Minister, Zuraida Kamaruddin says Malaysia is confident it can meet global demand for palm oil after Indonesia’s announcement that it has banned exports of the commodity, with the reopening of the country’s borders.
Kamaruddin added that domestic production is expected to rise following the reopening of the borders, which has enabled the hiring of foreign workers.
Indonesia, the world’s top producer, and exporter of palm oil announced its decision to impose an export ban on the commodity from April 28 until further notice to tackle rising domestic cooking oil prices. Malaysia is the second-largest palm oil producer.
On the performance of the domestic timber industry, the Minister noted that the timber industry has also been affected by allegations against the palm oil sector. She said the Ministry has taken the same approach with the timber industry by meeting the European Union (EU) on May 8, with regards to the forced labor and palm oil issues.