Malaysia exports more green commodities
Tuesday, 18 December 2007
KUALA LUMPUR, Dec 17 (Xinhua): Malaysia exported 63.16 billion ringgit (18.58 billion US dollars) worth of green commodities for the first nine months of this year, exceeding the value of oil and gas which reached 55.24 billion ringgit (16.25 billion dollars), local media reported today.
Plantation Industries and Commodities Minister Peter Chin Fah Kui predicted that the export of green commodities in 2007 could reach 85 billion ringgit (25 billion dollars), an increase of 10 per cent over 76.05 billion ringgit (22.37 billion dollars) in 2006, according to the daily New Straits Times.
Palm oil, timber, rubber, cocoa, tobacco and pepper are considered green commodities because they can be replanted and renewable. Oil and gas, while also categorised as commodities, is a depleting resource.
The best performing and biggest contributor to the rise of export is palm oil. According to the data of the Malaysian Palm Oil Board, from January to November, the country shipped out 39.89 billion ringgit (11.73 billion US dollars) of palm oil.
"Palm oil exports have been expanding by more than 35 per cent," Chin said.
The floods in Malaysia could cut the December palm oil output and result in higher palm oil prices, Chin said, adding there is burgeoning global demand for vegetable oils.
Plantation Industries and Commodities Minister Peter Chin Fah Kui predicted that the export of green commodities in 2007 could reach 85 billion ringgit (25 billion dollars), an increase of 10 per cent over 76.05 billion ringgit (22.37 billion dollars) in 2006, according to the daily New Straits Times.
Palm oil, timber, rubber, cocoa, tobacco and pepper are considered green commodities because they can be replanted and renewable. Oil and gas, while also categorised as commodities, is a depleting resource.
The best performing and biggest contributor to the rise of export is palm oil. According to the data of the Malaysian Palm Oil Board, from January to November, the country shipped out 39.89 billion ringgit (11.73 billion US dollars) of palm oil.
"Palm oil exports have been expanding by more than 35 per cent," Chin said.
The floods in Malaysia could cut the December palm oil output and result in higher palm oil prices, Chin said, adding there is burgeoning global demand for vegetable oils.