Tukiye imports US$1 bln Malaysian palm oil, related products in 2023, says minister

Turkiye imported 1.11 million tonnes of Malaysian palm oil and its products last year, valued at US$1.01 billion (RM 4.444 billion), making it the fifth largest buyer globally and the largest in the Middle Eastern region, said Datuk Seri Johari Abdul Ghani.

A statement today said the Minister for Plantation and Commodities said Turkiye’s high demand for palm oil and strategic geographic location were key for expanding Malaysian palm oil markets into Europe, the Middle East, and the Caucasus regions.

He highlighted the potential for growth in sectors using high-value-added derivatives such as oleochemicals for home and personal care products, promoting sustainable palm oil in global markets.

He made these remarks at the Trade and Networking dinner organised by the Malaysian Palm Oil Council (MPOC) at the Shangri-La Hotel in Istanbul, Turkiye yesterday (May 30).

The dinner, which brought together key industry leaders from Turkiye’s oils, fats, and downstream sectors, aimed to further strengthen Malaysia’s position in the Turkish edible oil market and explore growth opportunities.

This event followed the minister’s official visit to Cairo where he participated in the Malaysian Palm Oil Forum, also organised by the MPOC, focusing on strengthening trade ties and exploring new opportunities.

“This networking event provided a unique opportunity to connect with key players from various sectors including the edible oil, food and non-food industries in Turkiye,” he said.

Reflecting the view of MPOC, chief executive officer Belvinder Sron said: “MPOC recognises the significant growth potential in Turkiye and has consistently prioritised promotional efforts in the region.”

He added: “Over the years, we have expanded beyond traditional applications to actively market derivatives and value-added products derived from Malaysian palm oil.”

Belvinder said this strategic initiative has diversified Malaysia’s offerings and strengthened its market share, where Malaysian palm oil commands over 85 per cent in Turkiye.

The Malaysian palm oil industry, contributing 23 per cent to the global supply and generating US$22 billion (RM96.80 billion) in exports last year, is a cornerstone of Malaysia’s economy.

The industry supports over 450,000 small farmers and is integral to various non-food sectors, including oleochemicals and renewable energy.

Malaysia’s commitment to sustainability is underscored by the Malaysian Sustainable Palm Oil (MSPO) certification, which has been mandatory since Jan 1, 2020.

Johari also called on partners in Turkiye to support the MSPO initiative, enhancing the industry’s stature and demand for certified products.

Tags: Malaysia, импорт, palm oil, MPOC, edible oil, markets, demand, Türkiye