Malaysia Maintains Palm Oil Export Target at US$26.67 Billion for 2012

KAJANG (Selangor,Malaysia), June 14 (Bernama) -- Plantation Industries and Commodities Minister, Bernard Dompok on Thursday maintained Malaysia's RM85 billion (US$26.67 billion) palm oil export earnings target for this year. He said it was too early to revise the target since it was only June now. "Last year, the oil palm industry was one of the main contributors to the national economy, generating RM83.4 billion (US$26.2 billion) export revenue. "The demand for palm oil is still strong from China, India, Pakistan, the European Union and the United States," he told a press conference after opening a seminar on transfer of technology. Dompok said China and India were big economies which are unlikely to see a slide in demand for palm oil. On Indonesia reducing export taxes, Dompok said he would do his best to keep the industry competitive by consulting palm oil industry experts. The minister said he was optimistic with the concerted efforts made by the Malaysian Palm Oil Board (MPOB) and industry players to maintain palm oil as one of the main pillars of the economy and contributing for the nation's prosperity and the people's well-being. -- BERNAMA