10 August 2010 08:45 [Source: ICIS news]
SINGAPORE (ICIS)--Malaysia’s palm oil exports rose by 15.5% year on year in June to Malaysian ringgit (M$) 4bn ($1.27bn), due to a surge in the product’s price and export volume, its government said on Tuesday.
The average price of palm oil rose by 4.1% year on year to M$2,583/tonne in June, while export volume increased by 11% year on year to 1.6m tonnes, according to a report from Malaysia’s Department of Statistics.
The palm oil cluster, which includes palm oil and palm oil-based products, was responsible for 10.1% or M$5.3bn of the country’s total exports, said the report.
Exports from the electrical and electronics sector – an important downstream industry of petrochemicals – had a 14.1% year-on-year increase to M$21.3bn in June, said the report.
Crude petroleum exports – the country’s fourth largest export revenue earner – rose by 17.9% year on year in June to M$2.4bn, it added.
Malaysia’s overall exports in June increased by 17.2% year on year to M$52.8bn, mainly due to higher export volumes of electronics, gas, petroleum and petroleum products, the government agency said.
China, the European Union (EU), Japan, Taiwan, Australia and Hong Kong were the key countries that contributed to Malaysia’s 70.2% or M$5.4bn total year-on-year increase in exports, the department added.
($1 = M$3.15)
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