Malaysia's palm oil products exports to rise 21 pct this year

Source: Xinhua | 2020-01-17

Malaysia's palm oil products export revenue is expected to rise 21 percent year-on-year to 78 billion ringgit (about 19 billion U.S. dollars) in 2020 on firmer crude palm oil (CPO) price.

Malaysian Palm Oil Board (MPOB) said in a statement on Thursday that this year should be a better year for the palm oil industry, due to stronger palm oil prices and demand.

"Starting the year with low opening palm oil stocks, firmer palm oil prices and strong palm oil demand, 2020 is predicted to be a better year for the industry," its director general Ahmad Parveez Ghulam Kadir said.

Malaysia's total palm oil products exports rose 12 percent year-on-year to 27.86 million tonnes in 2019.

Palm oil export volume also grew 12 percent to 18.47 million tonnes in 2019, due to higher demand from India, China and the European Union.