Saudi Arabia – Malaysia’s latest market for palm oil
JEDDAH: Saudi Arabia has been recognised as the new market for exporting palm oil following the strains in the export of palm oil to the European markets.
“Currently, Saudi Arabia is the second largest partner for Malaysia in the Middle East and business partnerships have emerged into construction, halal development, aerospace and hajj services,” said Deputy Primary Industries Minister Datuk Seri Shamsul Iskandar Mohd Akin.
According to Datuk Seri Shamsul Iskandar, the bilateral trade of Saudi Arabia and Malaysia in 2018 was valued at US$5.38 billion.
Palm oil and palm-based products, electric and electronics, machinery, equipment and processed food are among Malaysia’s exports to Saudi Arabia and in return, Saudi Arabia exports mineral fuels and oils, nuts, plastics, organic chemicals, aluminium, soaps and candles, copper, machinery and dried edible fruits to Malaysia.
“Malaysian palm oil and palm-based products imported by Saudi Arabia in 2018 amounted to 570,870 tonnes which is valued at US$301.4 million. This accounted for almost two percent of Malaysia’s total export of palm oil and palm-based product.” he added.
“Hosting the first POTS of 2019 in Jeddah is a testament of the fact that Malaysia is fully committed in this market and we hope that this event will provide a platform for attracting new entrepreneurs while invigorating the existing partnerships,” he also said.
The Malaysia Saudi POTS is jointly organised by Malaysian Palm Oil Council, Malaysian Palm Oil Board and Jeddah Chamber of Commerce and Industry.
