Friday 29 Mar 2024
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KUALA LUMPUR (Oct 24): Former Prime Minister Datuk Sri Najib Razak should stop confusing people that there has been a sudden change in trend in Malaysian palm oil exports following the 14th general election, said Primary Industries Minister Teresa Kok.

Najib had in an online news report two days ago, questioned as to why there was a big difference with Indonesia in the exports of palm oil since the election in May.

The former premier said the exports of the commodity for Indonesia had increased every month compared with last year, whereas for Malaysia, it had been falling.

“The truth is that export trade statistics for the period January to September 2018 support the fact that Malaysian palm oil exports increased by 3.6% to 18.27 million tonnes, compared to 17.63 million tonnes for the same period in 2017,” Kok responded in a statement today.

As former finance minister, Najib should know better and look at the bigger picture, instead of nit-picking, she said.

“Datuk Sri Najib also knows very well that traded or export-oriented commodities such as palm oil and every other vegetable oils and fats, experience ups and downs in prices and exports.

“Export volatility in the commodities markets has been experienced over the past few years and palm oil has not been spared such market swings, while price is also a result of the global market.

“Datuk Sri Najib should be familiar with the reasons and factors that impact palm oil exports and prices, which include global cyclical changes in demand and supply, festivities, excess stocks, as well as the global economy,” Kok added.

Regardless, Malaysia’s well-structured palm oil industry has continued to demonstrate its resilience throughout this year, even in the face of declining global commodity prices, Kok said.

“Moreover, we are confident that export volume of palm oil until the end of 2018 will be higher than 2017 levels,” she added.

Kok said efforts were ongoing by her ministry and its agencies, Malaysian Palm Oil Board and Malaysian Palm Oil Council, to intensify measures to further expand Malaysia’s export markets.

This is to ensure traditional high volume palm oil markets will make a strong comeback, especially in early 2019, she said.

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