The export revenue of palm oil and other palm-based products is expected to improve by 1.4% to RM110 billion this year from RM108.52 billion in 2021, the Malaysian Palm Oil Board (MPOB) said. Director-general Datuk Dr Ahmad Parveez Ghulam Kadir said the higher revenue is expected to derive mainly from higher palm oil exports of 9.2% to 17 million tonnes this year, amid the shortage of global vegetable oils.
“The year 2022 is expected to bring a brighter prospect for the Malaysian palm oil industry with all the key indicators of the industry are projected to show a better performance,” he said at the Palm Oil Internet Seminar (Pointers) on Monday (March 28). He said MPOB anticipated crude palm oil (CPO) production to improve by 4.9% to 19 million tonnes this year, from 18.12 million tonnes in 2021, resulting in palm oil stocks to increase 21.1% to 1.95 million tonnes, from 1.61 million tonnes in 2021. Ahmad Parveez said the conflict between Russia and Ukraine has resulted in a surge of demand for palm oil, as it is the most abundantly available vegetable oil. He said Russia and Ukraine produced sunflower oil, the world’s third-most traded vegetable oil after palm oil and soybean oil, and accounted for 77% of the global exports of sunflower oil in 2020-2021. He added that the increase in the Indonesian crude palm oil export levy has also benefitted Malaysian palm oil export.
