KUALA LUMPUR: Palm oil has penetrated new global markets with at least three new countries, Estonia, Czech Republic and Hungary importing the commodity in recent months.
Plantation Industries and Commodities Minister Datuk Zuraida Kamaruddin said this shows the commodity has gained greater international acceptance amid the ministry's intense "Global Movement to Champion the Goodness of Palm Oil" campaign.
"I am pleased with the development, which came amid the MPIC's aggressive efforts to market our palm oil globally and to debunk Western myths and propaganda," she said in a statement.
Between January and July this year, Estonia imported 2,501 tonnes of Malaysian palm oil worth RM20.22 million, the Czech Republic (95 tonnes worth RM0.88 million), and Hungary (853 tonnes worth RM6.73 million).
While the volume and value of the imports from these countries were not as large as those from major importers like India and Turkiye, these inroads were significant developments.
"Having one foot in the door allows us to further grow the Malaysian palm oil market share there in the long-run," she said.
MPIC is also targeting to export to more non-traditional countries, particularly in the EU, and also to expand our market share among our traditional palm oil importing nations, she said.
Zuraida said this would be done by strengthening existing major export markets, particularly India, China, Pakistan, and the EU, as well as to promote palm oil products more aggressively to penetrate new markets such as in Africa and Central Asian regions.
Other efforts include enhancing Research and Development (R&D) activities in the production of new products as well as add value to downstream commodity products and enhancing better market access through bilateral free trade agreement (FTA) negotiations as well as multilateral or regional consultations.
"Feedback from many new markets show that they are impressed with Malaysian palm oil because of its higher productivity, versatility in food and non-food sectors and availability throughout the year.
"We will continue to leverage on these strengths and continue promoting our palm oil and enhance its competitiveness globally," she added.