InfoSAWIT, KUALA LUMPUR – Malaysian Palm Oil Board (MPOB) released palm oil production in the country in 2024 on Thursday (11/1/2024), General Director of MPOB, Ahmad Parveez Ghulam Kadir said that palm oil production in Malaysia could be reaching 18,75 million tons, the numbers significantly indicated the recovery in labor condition.
Ahmad Parveez Ghulam Kadir also mentioned palm oil stocks in the second biggest palm oil producer could be about 1,95 million metric tons in 2024. The numbers would decrease from 2,29 million tons in 2023.
In export sector, it is predicted that Malaysia would export about 15,6 million tons to many countries in 2024, increased from 15,1 million tons in the previous year. As InfoSAWIT quoted from Reuters, crude palm oil could be about RM 3.900 to RM 4.200 per ton.
Considering that palm oil sector in Malaysia in 2023 within many kinds of performance, Ahmad Parveez Ghulam Kadir was optimist to the 2024 prospect. He emphasized that the 2024 would show better performance within many indicators showing increasing sectors.
As one main palm oil producer in the world, the positive progress would deliver not only significant contribution to the economy in the country but also reinforce its position in the global markets. But it needs to remind that the projection would have something to do with many factors, such as, weather, industrial policies, and market changes in the globe. (T2)