SEOUL: Exports of Malaysian palm oil and related products to South Korea is expected to show positive growth this year based on the growing trend in oils and fats consumption in the country.
Ministry of Plantation Industries and Commodities Secretary-General Datuk Himmat Singh said more aggressive market promotion of Malaysian palm oil and its related products would be undertaken based on the benefits and opportunities that palm oil provided for the South Korean food and non-food sectors.
“While there may be other oils and fats used in the country, the usage of palm oil and its benefits will gain prominence in the country through efforts to be undertaken by the Malaysian Palm Oil Council (MPOC),” he told Bernama after opening the Malaysia-South Korea Palm Oil Trade Fair and Seminar (POTS) here on Tuesday.
Latest figures provided by the Malaysian Palm Oil Board (MPOB) show that exports of palm oil, palm kernel oil, palm kernel cake, oleo-chemical and biodiesel to South Korea amounted to US$491.2 million in 2014 compared with US$434.8 million in 2013.
Malaysian palm oil exports to South Korea last year increased to 374,091 tonnes, worth US$281 million, from 353,843 tonnes valued at US$240.6 million in the previous year.
MPOC Chairman Datuk Lee Yeow Chor said South Korea recorded oils and fats consumption of around 1.3 million tonnes in 2014, up four per cent, from the previous year and the trend was likely to remain in the future.
“The Malaysian palm oil industry has long established itself as the industry leader, boasting numerous technological findings from upstream to the downstream sector,” Lee said.
He also said palm oil was not only used as ingredients in the food processing sector but also in the oleochemical sector.
“The booming health and beauty care sectors can also benefit from palm products as its Vitamin E tocotrienols and other phytonutrients can be used as food supplements or ingredients in cosmetic and beauty care products,” Lee said.
Malaysia South-Korea POTS from April 27 to 28, 2015, is jointly organised by MPOC and MPOB in collaboration with the Korean Society of Food Science and Technology.
