MPOB forecasts Malaysian palm oil production to rise in 2018
Malaysia’s crude palm oil production is likely to increase to 19.5 million tonnes in 2025 from 19.3 million tonnes in 2024, according to a spokesman for the Malaysian Palm Oil Board (MPOB).
MPOB CEO Ahmad Parviz Ghulam Kadir attributed the expected increase in production to improved labor supply. The world’s second-largest palm oil producer is also expected to increase exports slightly in 2025. Kadir noted that exports could increase marginally to 17 million tonnes from the previous year.
The country previously raised the benchmark price of crude palm oil in August to $910.81 per tonne and increased the export duty to 9%.
At the end of June, it became known that the European Free Trade Association (EFTA) had significantly reduced duties on palm oil imports from the country, which will simplify access of the Malaysian product to the EU market and strengthen the position of the Malaysian Sustainable Production Standard (MSPO).
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