PETALING JAYA (Malaysia), Sept 23 (NNN-Bernama) —\u00a0Demand for Malaysia\u2019s crude palm oil (CPO) is expected to remain stable despite\u00a0the Indonesian\u00a0government’s recent decision to extend its export levy waiver for the commodity.\u00a0<\/p>\n\n\n\n
Given that there is a huge demand for CPO right now, Indonesia\u2019s move is not expected to have an impact on the market for the local commodity, said Malaysian Plantation Industries and Commodities Minister, Zuraida Kamaruddin.<\/p>\n\n\n\n
\u201cThere is nothing to be concerned about at this time, (the demand for) our CPO will not be affected. The (global) market is still short of palm oil,” she said here Friday.<\/p>\n\n\n\n
She was commenting on a news report on Wednesday which stated that Malaysia\u2019s CPO exports are expected to fall in the next two to three months, raising the inventory level by the end of December 2022 to 2.5 million metric tonnes — the highest since April 2019.<\/p>\n\n\n\n
The projection was based on Indonesia\u2019s move to reduce its CPO stocks at cheaper prices and extend its export levy waiver to Oct 31, 2022, after lifting its export ban in May.<\/p>\n\n\n\n
Meanwhile, Zuraida said the ministry, through the Malaysian Cocoa Board (MCB), is currently intensifying its efforts to increase the number of cocoa farms in Malaysia due to the high potential and demand for the commodity.<\/p>\n\n\n\n
\u201cIn Malaysia, most of the cocoa farms are located in (the state of) Sabah, Sarawak and Johor.<\/p>\n\n\n\n
\u201cNow we are working on starting new farms and collaborating with international companies. So far, we have started a new farm in Nilai (Negeri Sembilan) in collaboration with a company from Austria,” she said.<\/p>\n\n\n\n
She noted that the company had also brought in its technology to improve productivity and the quality of cocoa products.<\/p>\n\n\n\n
\u201cWe are working to get more lands (for cocoa cultivation) and we will engage with the state governments on this matter,” said Zuraida.<\/p>\n\n\n\n
Malaysia currently imports around 98 per cent of its raw cocoa supply, while the total area of \u200b\u200bcocoa plantations in the country is estimated to be around 6,000 hectares.<\/p>\n\n\n\n
— NNN-BERNAMA<\/p>\n","protected":false},"excerpt":{"rendered":"
PETALING JAYA (Malaysia), Sept 23 (NNN-Bernama) —\u00a0Demand for Malaysia\u2019s crude palm oil (CPO) is expected to remain stable despite\u00a0the Indonesian\u00a0government’s recent decision to extend its export levy waiver for the commodity.\u00a0 Given that there is a huge demand for CPO right now, Indonesia\u2019s move is not expected to have an impact on the market for the […]<\/p>\n","protected":false},"author":30,"featured_media":82525,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[215,288,300,318],"tags":[],"_links":{"self":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/192548"}],"collection":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/users\/30"}],"replies":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=192548"}],"version-history":[{"count":1,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/192548\/revisions"}],"predecessor-version":[{"id":192549,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/192548\/revisions\/192549"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/media\/82525"}],"wp:attachment":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=192548"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=192548"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=192548"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}