Malaysia exported 54,665 tonnes of palm oil and palm-based products valued at RM288.23 million to Uzbekistan, Kazakhstan, Tajikistan, Kyrgyzstan, and Turkmenistan in 2024, reinforcing its role as a key supplier in Central Asia, said Plantation and Commodities Deputy Minister Datuk Chan Foong Hin.
He stated that the Plantation and Commodities Ministry, through the Malaysian Palm Oil Council (MPOC), remains committed to expanding Malaysia's market share in Central Asia while strengthening its foothold in Pakistan.
"Central Asia is an important export destination for Malaysian palm oil.
"In recent years, MPOC, as the agency responsible for promoting Malaysian palm oil, has implemented various initiatives in the region," he said during a question-and-answer session in the Dewan Rakyat today. He was responding to Tampin MP Datuk Mohd Isam Mohd Isa regarding the ministry's efforts to enhance Malaysia's palm oil presence in Central Asia and Pakistan.
Chan highlighted that Pakistan ranks among the top 10 importers of Malaysian palm oil, purchasing 860,260 tonnes last year.
"The ministry focuses on the demand for edible oil and the strategic location of the country as a gateway to Central Asia," he said.
During a January 9-11 visit to Karachi, Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani held discussions with the Port Qasim Authority chairman on leveraging Pakistan's port infrastructure to streamline palm oil distribution to Central Asia.
Malaysia's export share in Pakistan is expected to remain between 18% and 25% of the country's total palm oil imports, influenced by price movements and market conditions.
In response to Padang Terap MP Nurul Amin Hamid on exploring palm oil innovations for energy production in Asia, particularly Japan, Chan said Malaysia would participate in a global expo in Osaka, Japan, this year.
"Japan is a market we should explore, especially for biomass waste to generate electricity. However, we do not strongly encourage raw material exports to Japan; we should focus on producing high-value materials before exporting, such as pelletising biomass," he said.
Meanwhile, addressing an additional question from Mohd Isam, Chan stated that the Finance Ministry is reviewing a proposal to reinstate the Smallholder Replanting Financing Scheme as full grants.
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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