Agricommodity sector recorded total trade value of RM268.1 bln, RM146.5 bln in trade balance in 2022

Dato Sri Fadillah Yusof. Photo credit: Corporate Communications Unit, Ministry of Plantation and Commodities

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KUCHING, Jan 26: The country’s agricommodity sector recorded a total trade value of RM268.1 billion, with RM146.5 billion in trade balance in 2022.

According to a news report from Sarawak Public Communications Unit (Ukas) today, Deputy Prime Minister and Plantation and Commodities (KPK) Minister Dato Sri Fadillah Yusof said the export income from agro-commodity products totalled RM207.3 billion or 13.4 per cent of the country’s total export income.

He said in terms of Gross Domestic Product (GDP), for the period of January to September 2022, the sector contributed RM61.3 billion, which is 5.5 per cent of the entire national GDP.

Fadillah pointed out that apart from direct trade results, the sector’s contribution includes providing employment to nearly 431,000 workers.

He said this does not include private smallholders who are estimated to number some 728,000 individuals.

Meanwhile, Fadillah said to ensure the agricommodity sector is implemented sustainably and meets sustainability demands of import and consumer markets, KPK has implemented a sustainability certification system for the palm and timber sectors.

He also said for Malaysian Sustainable Palm Oil (MSPO) certification, 98 per cent of MSPO certifications have been issued until December 2022.

For the Malaysian Timber Certification Scheme (MTCS), he added, 37 Forest Management Unit (FMU) certifications have been issued involving a total area of 5.80 million hectares. — DayakDaily