WITH A population of more than 1 billion people, China imported a total of 3.9 million metric tonnes of palm oil from Malaysia in 2011 valued at RM13. 26 billion.
Disclosing this, the Minister of Plantation Industries and Commodities, Tan Sri Bernard Dompok who spoke at the opening of the Fourth Malaysia – China Palm Oil Trade Fair and Seminar (POTS) in Chongqing, China recently said, “Palm oil imports supplement nearly 70 percent of the supply and demand gaps for oils and fats in China.”
He said the versatility of palm oil and its competitive prices relative to other edible oils give it ample room for a further rise in demand in China , especially with the country's increasing economic prosperity, rapid urbanization and improved living standards.
The Minister encouraged Malaysian oil palm producers and their Chinese importers to form alliances in the palm oil trade, citing the success of such partnerships between Malaysian companies and their trading partners in the Netherlands, Japan, Pakistan, Bangladesh, Vietnam, Liberia and certainly China.
“These are a few of many examples of how Malaysia has built strategic alliances with key partners to gain success in the market, not only by selling palm oil, but also by playing a major role in developing the downstream activities in the importing countries,” he said.
Palm oil is the country’s key revenue earner, contributing RM83.4 billion in 2011. In Sabah, with a revenue of 17.4 billion from palm oil in 2010, the commodity has become the mainstay of Sabah's economy. (Insight Sabah)