Malaysia’s exports to Sri Lanka in 1H 2016 jump 44% to Rs. 14.6 b

Kuala Lumpur: Malaysia’s exports to Sri Lanka jumped 44% to RM 414.05 million (Rs. 14.6 billion) in the first half of the year, up from RM 286.23 million in the same period last year.

Malaysia’s Plantation Industries and Commodities Minister Datuk Seri MahSiewKeong said the palm oil products valued at RM 267.71 million largely contributed to the increase as well as timber and timber products worth RM 105.41 million. Export of rubber and rubber products valued at RM 35.04 million and cocoa and cocoa products worth RM 5.88 million followed.

The Malaysian Minister announced these figures in a statement following a bilateral meeting with Sri Lanka’s Minister of Primary Industries Daya Gamage, in Malaysia on Friday, Malaysian national news agency Bernama reported.

Minister of Primary Industries Daya Gamage with Malaysia’s Plantation Industries and Commodities Minister Datuk Seri Mah Siew Keong in Kuala Lumpur

Mah said last year, the export of commodity and commodity-based products to Sri Lanka increased 10.8% to RM 651.10 million versus RM 587.49 million in 2014. Palm oil products contributed RM 414.61 million, followed by timber and timber products at RM 153.89 million, rubber and rubber products RM 74.43 million, and cocoa and cocoa products RM 8.16 million, he said.

Malaysia has assured to extend the testing and support services to rubber product manufacturers in Sri Lanka and identified areas of cooperation in the rubber industry, especially in the development of the downstream sector.

“Both leaders also discussed on how to improve market access in both countries in an effort to increase trade in commodity and commodity-based products,” the statement said.