Commodities make significant contribution to GDP

Datuk Willie Mongin during a press conference after officiating at sewing and weaving course at Sinaruh Cafe, Jalan Puncak Borneo today.

PADAWAN: Commodity export contributes to boosting the nation’s gross domestic product (GDP).

Plantation Industries and Commodities Deputy Minister Datuk Willie Mongin noted that even if the trade and export flow were to drop, his ministry would still be contributing significantly to export value.

The price of Fresh Fruit Bunches (FBB), which has decreased at the moment, he said, is RM700 a ton at the farm and factory level.

“At the farm and factory level, the FBB price is approximately RM700 and this still has potential,” he said during a press conference after officiating at the Women’s Sewing and Weaving Course at Sinaruh Cafe, here today.

Willie who is also Member of Parliament for Puncak Borneo added that the FBB price has currently dipped due to the dumping of palm fruit in Indonesia.

He assured that this is expected to recover within six months to one year.

In addition, he said, other agri commodities such as pepper and cocoa also showed an increase in prices compared to previous prices.

Bank Negara Malaysia recently reported that Malaysia’s GDP rose by 8.9 per cent in the second quarter of 2022 compared to the previous quarter of 5.0 per cent.

Chief Statistician Datuk Seri Mohd Uzir Mahidi said the GDP increased from 5.0 per cent in the last quarter, due to improved domestic demand and labour conditions, in addition to continued resilience to external demands, as the country transitions towards endemicity.

Following the positive growth, Bank Negara Malaysia Governor Tan Sri Nor Shamsiah Mohd Yunus predicted that the Malaysian economy will continue to grow in the coming months of this year.

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