Export earnings contribution from the commodity sector
is expected to increase to over RM92 billion this year, backed by
stronger prices and positive growth outlook.
The outlook is on the upside based on the economic growth rates
registered by Malaysia’s major trading partners including China.
“As
such, it is important that we continue to explore ways to strengthen
our export markets by offering quality com modity-based products,” said
Plantation Industries and Commodities Minister Tan Sri Bernard Dompok
(picture) at the Malaysian Estate Owners Association (MEOA) dinner in
Kuala Lumpur last night.
Also present was MEOA president Boon
Weng Siew.
Dompok said contribution by the country’s oil palm
industry to the world’s oils and fats market is significant.
Last year, Malaysia exported 90 per cent of the 17.73 million tonnes
of palm oil produced. The production also accounted for 11.1 per cent
of the total of 160 million tonnes of oils and fats produced globally.
In addition, Malaysian palm oil commands a 25 per cent share of the
export trade in oils and fats, 46 per cent share of global palm oil
trade and is exported to over 150 countries.
Dompok also said
with the expected improvement in the global economy, it is envisaged
that fossil fuel prices are expected to rise. This increase will have
an impact on fertiliser cost.
He said the government had
assisted the industry by abolishing import duties on all mineral-based
fertilisers in 2008.
“In the foreseeable future, it is
expected that prices of most fertiliser especially potash will continue
to increase.”
In this regard, Dompok encourages growers,
researchers and palm oil mills to pool their resources in the production
of organic fertilisers from empty fruit bunches.
Source : Business Times
