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New Straits Times
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.
Free Malaysia Today
24-04-2025
- Business
- Free Malaysia Today
M'sia's timber products still desirable in US despite tariffs, says Johari
Plantation and commodities minister Johari Ghani said his ministry is closely monitoring the issue of some exporters manipulating the certificate of origin for timber products. KUALA LUMPUR : Malaysia's timber exports remain desirable in the US market despite the newly imposed tariffs, says plantation and commodities minister Johari Ghani. He attributed the continued demand to Malaysia's reputation for high-quality timber products and competitive prices. 'Despite the tariff, which is currently at 10%, exports are still strong due to the good quality and design of our products. People are willing to pay the price,' he told reporters after attending the Malaysian Timber Industry Board appreciation ceremony here today. In 2022, Malaysia exported timber and timber products worth RM7.73 billion to the US. This was a steady increase from RM3.76 billion in 2018. On April 2, US president Donald Trump imposed a blanket tariff of 10% on imports and added 'reciprocal tariffs' on countries with large trade surpluses with the US. Malaysia was hit with a 24% tariff – lower than Vietnam (46%), Cambodia (49%) and Indonesia (32%). Trump subsequently paused the implementation of these tariffs for 90 days, except for China which faces a steep levy of 145%. Johari also addressed concerns over companies attempting to manipulate trade routes by changing the certificate of origin of timber products for export. He said his ministry was actively monitoring the issue, and warned that timber exports must contain at least 60% local added value, even if some materials are sourced from abroad. He said only raw timber materials could be imported for processing, with certificates of origin granted only if substantial local value is added. Johari also cautioned that failure to curb such practices could jeopardise the credibility of legitimate Malaysian exporters amid escalating global trade tensions. In February, it was reported that the export value of timber products increased 4.9% to RM22.9 billion last year, compared to 2023. The timber industry was the third-largest export contributor for agricommodity products after palm oil (RM114.4 billion) and rubber (RM33.7 billion).
