China, the world’s second-largest palm oil buyer, will increase its purchases of the tropical oil from Malaysia, Bernama reported, citing Chinese Foreign Minister Wang Yi.
Malaysia’s palm oil exports to China rose more than 13% in June month-on-month to 96,496 tons, according to data from the Malaysian Palm Oil Board on Tuesday, though shipments slid 55% from the year-earlier month.
Wang, who is on a two-day official visit to Malaysia, also said that efforts are being made to enable Malaysian students to return to China as soon as possible to continue their studies, according to the report.
China is Malaysia’s largest trading partner and made up for about 19% of the nation’s total trade in 2021. Malaysia is the world’s No. 2 producer of palm oil.
Source: Bloomberg
