Latest news with #RM186bil
The Star
09-07-2025
- Business
- The Star
Cabinet to weigh US tariff impact
PETALING JAYA: The Cabinet will discuss in its meeting today issues and relevant matters relating to the 25% tariff imposed by the United States. Revealing this, Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani said Malaysia was not the only country hit with the tariff. 'We have to adjust and be agile on this,' he said after attending the inaugural Malaysian Palm Oil Council Trade Networking Visit dialogue here yesterday, Bernama reported. He said the US' move to impose a higher tariff on Malaysia meant that American importers of Malaysian palm oil products will have to bear the extra cost. He said Malaysia exports palm oil-based products such as oleochemicals to the United States, along with other key commodities including rubber gloves, timber, furniture and cocoa products. Johari said Malaysia's commodity exports to the United States amounted to only RM20bil out of the total annual commodity exports worth RM186bil. He said as there were no alternatives to some of the commodity products exported, it is 'all right' if a tariff is imposed.
The Star
21-06-2025
- Business
- The Star
Govt exploring new palm oil markets amid geopolitical conflicts
KOTA BARU: Efforts are underway to explore new markets for Malaysia's palm oil to reduce the nation's reliance on major exporting markets affected by geopolitical conflicts, says Datuk Seri Johari Abdul Ghani ( pic ). The Plantation and Commodities Minister said the ongoing Israel-Iran crisis and the Russia-Ukraine conflict have disrupted export shipments to certain zones. 'Malaysia currently exports goods worth RM186bil annually to global markets, including palm oil, but part of these markets are now considered high-risk due to armed conflicts. 'As such, we are exploring new markets, namely countries that have yet to purchase Malaysian palm oil or cooking oil. This is crucial to ensure that our export levels remain stable,' he said. Johari added that Malaysia is currently trading with nearly 80 nations, with plans to expand its reach even further. The minister was speaking to reporters after attending the Dialogue with the Ministry programme at Mara Poly-Tech College here yesterday. He also urged plantation operators and smallholders to work closely with the government to ensure the resilience of the national commodities sector on the global stage, reported Bernama. Johari noted that planters and operators must work with the government to address challenges at the international level. 'The European market is increasingly emphasising environmental sustainability and biodiversity-friendly practices in palm oil procurement. 'To enter their markets, we must prove that our plantations meet their standards, comply with sustainability principles and preserve biodiversity,' he said. Johari added that providing good service and meeting buyer requirements should be a priority to help turn new buyers into long-term customers. 'We are asking them to buy more from us, but the service we provide is just as important,' he said.
