Malaysia’s Palm Oil Sector: Positive Outlook for 2024 in Production, Stocks, and Exports

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PALMOILMAGAZINE, KUALA LUMPUR – On Thursday (11/1/2024), the General Director of the Malaysian Palm Oil Board (MPOB), Ahmad Parveez Ghulam Kadir, disclosed the anticipated palm oil production figures for the year 2024. He stated that Malaysia’s palm oil production is poised to reach 18.75 million tons, reflecting a notable recovery in labor conditions.

Ahmad Parveez Ghulam Kadir also highlighted the projected palm oil stocks in the second-largest palm oil-producing nation, estimating them to be around 1.95 million metric tons in 2024. This figure represents a decrease from the 2.29 million tons recorded in 2023.

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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 quoted from Reuters, crude palm oil could be about RM 3.900 to RM 4.200 per ton.

Also Read: Promoting Sustainable Palm Oil for Local Development

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)

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