KUALA LUMPUR : Malaysia, the world's second-largest palm oil producer, on Thursday said it might stop palm exports to the European Union after the bloc imposed additional import restrictions on the edible oil due to concerns over deforestation.Malaysia and Indonesia have for years been at loggerheads with the European Union over curbs on imports of palm oil, which the two countries say are trade barriers and protectionist measures for the bloc's domestic oilseed industries.
The bloc has also set a separate safety limit on food contaminant 3-MCPD esters for palm oil compared to soft oils derived from crops such as soybean, canola and sunflower.Indonesia and Malaysia, which account for 85 per cent of the world's palm oil exports, have filed separate World Trade Organisation suits against the EU over the renewable-energy directive.
EU officials say their regulations do not target any one country and are aimed at ensuring that commodity production does not further drive deforestation and forest degradation.Bursa Malaysia's benchmark crude palm oil futures have yet to react to Malaysia's proposal, although some traders said they see it as a bearish signal.
Malaysia said it will discuss with Indonesia the possible ban and other strategies to tackle the EU measures, as both have agreed to increase cooperation to fight “discrimination” against the commodity.It is not clear whether Malaysia is considering a direct ban on exports to the European Union or enacting tariffs.The EU accounts for 9.4 per cent of Malaysia's export volume in 2022. Malaysian Palm Oil Board data indicates that exports to the 27-member bloc have been declining since 2015.
Never buy food made with palm oil.
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