02-05-2025
- Business
- New Straits Times
Ministry passes key data to Malaysia's chief negotiator for tariff talks with US
KUALA LUMPUR: The Plantation and Commodities Ministry has presented key trade data to Malaysia's chief negotiator for the upcoming formal tariff negotiations with the US.
Its minister Datuk Seri Johari Abdul Ghani said the data highlights the strength and value of Malaysia's commodity exports to the US in supporting the country's trade position.
"The US is not our biggest buyer as Europe, India and China account for over 40 per cent of our palm oil exports.
"However, with total global agri-commodity exports standing at RM186 billion, the US is still an important part of the equation," Johari told a press conference at the Malaysia Palm Oil Industry's (MPOB) silver jubilee gala night held in conjunction with its 25th anniversary.
The event celebrated the contributions of various stakeholders and MPOB's strategic partners who have collaborated and shared their expertise in advancing the nation's palm oil industry.
MPOB also recognised the media and individuals who have made significant contributions to the development of the palm oil sector.
Meanwhile, in his speech, Johari said in 2024, Malaysia produced 19.3 million tonnes of crude palm oil.
The country generated RM114.4 billion in export revenue, with palm oil remaining the country's third-largest export contributor.
"To ensure the palm oil industry continues to contribute to the national economy, a holistic approach is crucial.
"Our efforts will focus on increasing yields through the use of high-quality planting materials, replanting at the recommended rates, adopting the latest milling and processing technologies, and ensuring the quality of sustainable palm oil products," he said.
Johari credited MPOB for driving technological innovation, having commercialised more than 200 high-impact technologies, adding over RM5.9 billion in market value.
"May MPOB remain dynamic in strengthening world-class research, expanding international strategic collaborations, and ensuring that the industry's benefits reach all stakeholders, especially smallholders, who are the backbone of the nation's palm oil sector," he said.
