M'sian Palm Oil Still Main Source Of Import For S. Korea - Minister

From Christine Lim May Yu SEOUL, April 27 (Bernama) -- Malaysian palm oil continues to be the main source of import for South Korea, with 374,000 tonnes of the commodity imported last year, said Minister of Plantation, Industries and Commodities, Amar Douglas Uggah Embas. He said this was equivalent to 85 per cent of the total palm oil imported by the country. “South Korea’s imports of palm oil and palm related products increased by 31.6 per cent in 2014 to 438,800 tonnes, compared to 314,000 tonnes in 2013,” Uggah said in his keynote address at the Malaysia-South Korea Palm Oil Trade Fair and Seminar (POTS) 2015 here Monday. The text of his speech was read by the Secretary-General, Ministry of Plantation Industries and Commodities, Himmat Singh. He said refined, bleached and deodorised (RBD) palm oil was the main palm product imported at 157,000 tonnes, followed by palm olein and palm stearin at 77,000 tonnes and 73,000 tonnes, respectively. “Palm oil is mainly used by food manufacturing industries and therefore it is easy to see why palm oil imports into (South) Korea is envisaged to grow in the future in tandem with the population growth and increased disposable income,” Uggah said. Other than the food sector, he said, palm oil could also be used in various sectors in the South Korean market. “The South Korea government's plans to increase the biodiesel blend to 2.5 per cent will give opportunities for Malaysia to provide palm-based biodiesel or palm methyl ester for blending,” he said. Palm biomass would also offer opportunities as a source of energy generation, he added. Another aspect where palm oil is less explored is in beauty and personal care as well as dietary supplements sector. “In this regard, the POTS provides a platform for industry players from different streams of activities within the commodity sector to have productive discussions and interactions and to shed light on the challenges faced by palm oil in the world today,” he said. Malaysia-South Korea POTS is jointly organised by the Malaysian Palm Oil Council and Malaysian Palm Oil Board in collaboration with the Korean Society of Food Science and Technology. -- BERNAMA