MARKET DEVELOPMENT
Malaysia Records 147,000 Tonnes Palm Oil Exports To Vietnam
Malaysia Records 147,000 Tonnes Palm Oil Exports To Vietnam
02/07/2013 (Bernama) - Malaysia's palm oil exports to Vietnam stood at about 147,000 tonnes from January to April this year, an increase of 64 per cent over the same period of last year, Plantation Industries and Commodities Minister Datuk Seri Douglas Uggah Embas said, Monday.
He expressed optimism on the commodity's future growth potential in line with the improved economic and living standards in Vietnam.
Uggah said this while officiating the first Malaysia-Vietnam Palm Oil Trade Fair and Seminar 2013 (POTS) in Ho Chi Minh City, Vietnam.
"Malaysian and Vietnamese oils and fats players are encouraged to embark on collaborative initiatives to further enhance trade relationships in the commodity.
"This is, so as to meet, the increasingly sophisticated demands of Vietnamese consumers," he said in a statement issued by his ministry in Kuching.
Last year the import of Malaysian palm oil into Vietnam was recorded at 469,000 tonnes, an increase of 11.7 per cent in volume compared to 2011.
He said the Malaysia-Vietnam POTS, which attracted over 200 participants from both countries, was the 30th of its series, since its introduction in 2006.
It is being organised in Vietnam for the first time to address the oils and fats trade.
Themed, 'Sharing Solutions, Shaping the Visions', the event provides insights, solutions and trend analysis on the economic opportunities in the palm oil trade.
Speakers include renowned local industry captains and international experts from Malaysia, the United Kingdom and Germany.
As one of the main pillars of the economy, the palm oil sector has contributed significantly towards providing a continuous inflow of export earnings.
This is through the export of raw commodity and valued-added products to the global market.
In 2012, palm oil contributed US$23.03 (RM72.7 billion) in export earnings, a decline of 11.2 per cent from previously, due to a lower average crude palm oil (CPO) prices.
Malaysia accounted for 35.2 per cent of the world's total palm oil production and 43.1 per cent of total palm oil exports in 2012.
He expressed optimism on the commodity's future growth potential in line with the improved economic and living standards in Vietnam.
Uggah said this while officiating the first Malaysia-Vietnam Palm Oil Trade Fair and Seminar 2013 (POTS) in Ho Chi Minh City, Vietnam.
"Malaysian and Vietnamese oils and fats players are encouraged to embark on collaborative initiatives to further enhance trade relationships in the commodity.
"This is, so as to meet, the increasingly sophisticated demands of Vietnamese consumers," he said in a statement issued by his ministry in Kuching.
Last year the import of Malaysian palm oil into Vietnam was recorded at 469,000 tonnes, an increase of 11.7 per cent in volume compared to 2011.
He said the Malaysia-Vietnam POTS, which attracted over 200 participants from both countries, was the 30th of its series, since its introduction in 2006.
It is being organised in Vietnam for the first time to address the oils and fats trade.
Themed, 'Sharing Solutions, Shaping the Visions', the event provides insights, solutions and trend analysis on the economic opportunities in the palm oil trade.
Speakers include renowned local industry captains and international experts from Malaysia, the United Kingdom and Germany.
As one of the main pillars of the economy, the palm oil sector has contributed significantly towards providing a continuous inflow of export earnings.
This is through the export of raw commodity and valued-added products to the global market.
In 2012, palm oil contributed US$23.03 (RM72.7 billion) in export earnings, a decline of 11.2 per cent from previously, due to a lower average crude palm oil (CPO) prices.
Malaysia accounted for 35.2 per cent of the world's total palm oil production and 43.1 per cent of total palm oil exports in 2012.