Malaysian palm oil gaining greater global acceptance
Wednesday, 14 Sep 2022 (www.thestar.com.my) KUALA LUMPUR - Malaysian palm oil has been able to penetrate new global markets mainly in three countries, namely Estonia, the Czech Republic, and Hungary which have started purchasing the commodity in recent months.
From January and July this year, Estonia imported 2,501 tonnes of Malaysian palm oil worth RM20.22 million, the Czech Republic imported 95 tonnes worth RM0.88 million, and Hungary imported 853 tonnes worth RM6.73 million.
Plantation Industries and Commodities (MPIC) Minister Datuk Zuraida Kamaruddin said this shows that the commodity has gained greater international acceptance amid the ministry’s intense "Global Movement to Champion the Goodness of Palm Oil” campaign.
"I am pleased with the development which came amid the MPIC’s aggressive efforts to market our palm oil globally and to debunk Western myths and propaganda.
"We acknowledge that our ability to tap into these new markets was partly attributed to the war in Ukraine which had resulted in disruptions to the supply of sunflower and rapeseed oils, which were traditionally used in these countries,” she said in a statement today.
Zuraida also said that Malaysian palm oil will not only continue to have a presence in these markets but grow rapidly there even after the war is over.
She added that while the volume and value of imports from these countries are not like those from major importers like India and Turkiye, these inroads were significant developments.
"Having one foot in the door allows us to further grow the Malaysian palm oil market share there in the long run,” she said, adding that MPIC is also targeting to export to more non-traditional countries, particularly to the European Union (EU), and also to expand market share among traditional palm oil importing nations.
Zuraida said feedback from many new markets shows that they are impressed with Malaysian palm oil because of its higher productivity, versatility in food and non-food sectors and availability throughout the year.
"We will continue to leverage these strengths,” she said.
Previously, the minister had said that many nations particularly in the EU did not know about the advantages of using Malaysian palm oil due to decades of sustained smear campaigns.
"Many are much more receptive now to using Malaysian palm oil due to greater awareness by the ministry and its agencies, including during international trade missions which I had led,” she said. – Bernama