This is written by my colleague Rupa Damodaran.
KUALA LUMPUR: Malaysian palm oil exporters to Iran are feeling the pressure of the US and EU trade sanctions, and now, they have appealed to the International Trade and Industry Ministry (Miti) for help.
Miti Minister Datuk Seri Mustapa Mohamed said if these pressures were to continue, it would impact exports to the Middle East. "We are trying to divert them to other growth sectors, so that they will be compensated," he told a media briefing yesterday.
Malaysian exporters are not the only ones impacted by the sanctions which target Iran's central bank. Other Asian exporters are also facing payment problems.
For 2011, exports to the Middle East increased by 15.1 per cent to RM28.0 billion. Of the total, exports to Iran increased to RM3.21 billion.
According to the Malaysia External Trade Development Corporation, exports were mostly palm oil, electrical and electronic products and rubber.