Malaysia Projects Export of Palm Oil and Products to Reach RM80 Billion this Year

Malaysia’s export earnings from palm oil and related products could reach the RM80 billion (USD20.4 billion) target this year compared with RM78.8 billion in 2017.  Plantation Industries and Commodities Ministry Secretary-General Datuk K Yogeesvaran said this was on the back of agressive marketing and promotional activities, including venturing into new markets such as Iran, the Philippines and Vietnam, as well as some African and Middle East countries.  

“We also expect crude palm oil (CPO) futures prices to possibly increase to about RM2,700 per ton in the second half of this year following a dip in production and the coming festive season,” he told reporters after attending a public forum entitled, “The Future of Malaysian Palm Oil: Integrating Independent Growers into the Global Supply Chain” held in Kuala Lumpur. 

He said that so far 2,500 independent smallholders had obtained the Malaysian Sustainable Palm Oil (MSPO) certification.  “Aggressive efforts are being taken to ensure that all 250,000 smallholders will be certified by end-2019.  This also means that by the end of next year, we would have fully complied with the EU ruling to certify our palm oil industry for sustainability and good practices,” he added.