Malaysia aims to regain palm oil market share in EU amid global shortage

KUALA LUMPUR : Malaysia, the world's second largest palm oil producer, on Friday said it plans to leverage the global edible oil shortage and"political tension in Europe" to regain market share after buyers shunned the commodity over environmental concerns.

But retailers like British supermarket chain Iceland, which removed palm oil from its own-brand food starting in 2018, have been forced to return to the controversial commodity in recent months due to a global edible oil shortage triggered by the Russia-Ukraine war and Indonesia's ban on palm oil exports.

Zuraida said global edible oil prices are likely to remain high in the first half of 2022 and EU demand is expected to increase in the near term due to tight sunflower and soy oil supplies.

Not too sure since no doubt palm oil price will come to rise if the Indonesia ban does not end in 6 months and elections near in Malaysia, blocking export too in Malaysia might be use to win an election.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Battery-powered electric vehicles nearly double EU market share in Q1 - ACEAFRANKFURT : Battery-powered electric vehicles (BEVs) almost doubled their market share in the European Union during the first quarter, industry data showed on Thursday, as the rollout of models across the continent picks up pace.BEVs accounted for 10 per cent of total passenger car sales in the EU, data f
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

China's COVID-19 controls prompting EU firms to consider moving investments elsewhere -business groupSHENZHEN, China : European businesses in China are increasingly looking to shift their investments to other markets due to the country's strict COVID-19 containment measures and supply chain disruptions, the European Chamber of Commerce in China said on Thursday.A member survey found that almost a quarter
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »