Amid fears of possible boycott by India, Malaysia’s palm oil exports up

Primary Industries Minister Teresa Kok speaks to reporters about palm oil in the lobby of Parliament in Kuala Lumpur November 4, 2019. — Picture by Hari Anggara. Sketched by the Pan Pacific Agency.

KUALA LUMPUR, Nov 4, 2019, Malay Mail. Malaysia’s palm oil exports have increased by 19.7 per cent or 12.6 million tonnes from January to August 2019 compared to the same period last year which was at 10.53 million tonnes, Malay Mail reported.

Primary Industries Minister Teresa Kok told the Dewan Rakyat during Question Time this was the reason behind the 10.3 per cent drop to 2.45 million tonnes over the past 10 months in local palm oil stock.

“The decrease in local stock from three million tonnes to 2.23 million tonnes is a good and positive phenomenon because it shows that the government’s efforts to export palm oil are successful.

“We have increased our exports by 19.7 per cent or 12.6 million tonnes from January to August this year compared to the same period last year which stood at 10.53 million tonnes. This will contribute to better palm oil price,” said Kok.

She explained that her ministry is still trying to lower the domestic stock to a more optimum level as there is a surplus at three million tonnes.

Regarding the possible boycott by India, Kok said that her ministry is still engaging with palm oil purchasing countries through diplomatic channels.

Touching on the protest outside Parliament this morning organised by an Umno NGO, Kok voiced her confusion over the protest as the price of palm oil has increased by around RM700 since December last year.

“I don’t understand why they are holding a protest. I believe they were brought in by Opposition MPs because they know I am winding up the debate today. The price of palm oil has increased.

“If you compare it to December last year, the price (back then) was more than RM1,700 per metric tonne. If you look at the price on Bursa (Malaysia) on October 31, the price is now RM2,485 per metric tonne. It has gone up by around RM700 per metric tonne,” she said.

“They are holding a protest when there is a price hike, that’s why I find it strange. I think the MP that organised the protest is not that smart,” added Kok.

The protest was organised by Jawatankuasa Pembela Kebajikan Peneroka dan Pekebun Kecil Pemuda Umno Malaysia (Pembela), Pertubuhan Kebajikan Warga Felda Malaysia (PKWFM) and Pertubuhan Generasi Warisan Kebangsaan (Generasi).

The group demanded that the government state its crisis management plan in the event that New Delhi reduces or stops all palm oil imports from Malaysia and to conduct a briefing on Putrajaya’s strategic plans to strengthen the price of palm oil as well as the local market.

They also demanded a special provision to lighten the burden of smallholders and Felda settlers in the event of a drop in the palm oil price.

Share it


Exclusive: Beyond the Covid-19 world's coverage