Commodity-based exports value rises to RM121.996 bln

TELUK INTAN: The value of Malaysia’s commodity-based exports last year surpassed that of 2015 by RM4.9 billion, a rise of 4.19 per cent, said Minister of Plantation Commodities Datuk Seri Mah Siew Keong.

He said last year, the export value of commodity products recorded RM121.996 billion compared to RM117.095 billion in 2015.

“Although the global economy fell, commodity exports rose last year. In terms of export value, palm oil rose almost seven per cent.

“We are thankful that the commodity prices such as rubber and palm oil rose as this helped very much the more than 1.2 million smallholders who are the backbone of the country’s economy.

“At this time we are looking at undertaking marketing to more countries,” he added.

Mah, who is also the Teluk Intan Member of Parliament told Bernama this when met after presenting school bags to 100 less fortunate students here.

He said the oil palm industry was the biggest contributor to the export value at 55.4 per cent of the overall value in registering an increase in exports of 6.93 per cent from RM63.201 billion to RM67.583 billion in 2016.

India was the largest importer of Malaysian palm oil followed by Europe and China. Mah said the export value of rubber for January to December 2016 fell 1.63 per cent to RM24.793 billion from RM25.204 billion (2015).

However, it was still the second largest export contributor.

Meanwhile, Mah said the commodity sector is targeted to post export growth of between five to eight per cent this year with the strengthening of the market and in looking to new countries as Iran and in the Middle East. — Bernama