Friday 29 Mar 2024
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KUALA LUMPUR (Jan 16): The Malaysian Palm Oil Board (MPOB) expects 2020 to be a better year for the palm oil industry, with crude palm oil (CPO) prices seen averaging at RM2,750 a tonne.

MPOB Director-General Dr Ahmad Parveez Ghulam Kadir said the industry will see stronger palm oil prices and higher palm oil demand this year, on factors including substantial increase in biodiesel mandate to B20 in Malaysia and B30 in Indonesia, firmer soybean oil prices, and slower palm oil production growth.

"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," Dr Ahmad Parveez said when presenting his paper at the MPOB Economic Review and Outlook Seminar 2020 here today.

Ahmad Parveez expects export revenue from palm oil products to increase by 21% to RM78 billion in 2020, from RM64.45 billion recorded for last year in anticipation of firmer prices this year.

In 2019, Malaysia's total oil palm products exported rose by 12% to 27.86 million tonnes from 24.88 million tonnes in the previous year.

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