Lang
Malaysia’s Plantation and Commodities Minister Johari Ghani said exports of palm oil products to the United States are strategically important, even though the US is not the largest buyer.
He said Malaysia will seek to protect commodity exports worth between RM20 billion and RM21 billion during tariff negotiations with the United States.
Johari explained that Malaysian palm oil exports to the United States are valued at around RM4.9 billion, making them significant from a strategic perspective despite the US not being the main market, according to Bernama.
He added that the largest export markets for Malaysian palm oil are currently Europe, India, and China, which together account for more than 40% of total palm oil exports.
The minister noted that Malaysian palm oil products face a 10% tariff, plus an additional 24% tariff that is currently suspended, while Indonesia faces an additional 32% tariff.
He added: “But this advantage does not mean we can be complacent.”
Malaysia has appointed senior trade official Mastura Ahmad Mustafa as its chief negotiator in tariff talks with the United States.
The negotiations are expected to focus on reducing tariffs and overcoming non-tariff barriers, especially in the agricultural sector, as well as addressing the bilateral trade imbalance, which currently stands at $25 billion.