The average price of crude palm oil (CPO) in Malaysia surged by 9.7 percent in 2024, reaching RM4,179.50 per metric ton. This price increase significantly boosted export revenue and production, indicating a positive outlook for the Malaysian palm oil industry.
The average price of crude palm oil (CPO) surged by 9.7 percent to RM4,179.50 per metric ton in 2024 compared to RM3,809.50 per metric ton in 2023, according to Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani. He stated that the average monthly CPO price reached a peak of RM5,119.50 per metric ton in December 2024, while the average daily price hit a high of RM5,333.50 per metric ton on December 6, 2024.
'This surge significantly boosted the export revenue of palm oil products by 15.1 percent to RM109.3 billion in 2024 compared to RM94.9 billion in 2023,' he said while launching the Palm Oil Economic Outlook and Review 2025 Seminar here today. Johari further added that the export of palm oil and palm-based products in 2024 increased to 26.66 million metric tons compared to 24.49 million metric tons in 2023, a rise of 8.9 percent or 2.17 million metric tons. Among Malaysia's six major palm oil product exporters are India, China, the European Union, Kenya, Türkiye, and the Philippines, with a total export value of 8.57 million metric tons or 50.7 percent of Malaysia's total palm oil exports in 2024. He stated that the Malaysian palm oil industry produced 19.3 million metric tons of crude palm oil in 2024, a 4.2 percent increase compared to 18.55 million metric tons in 2023. The outlook for the Malaysian palm oil industry remains positive, following stable supply and demand with an expected recovery towards the shortage of labor. Meanwhile, according to a statement, the Malaysian Palm Oil Board (MPOB) is collaborating with the Netherlands Embassy and British High Commission in Malaysia to launch the National Initiative for Sustainable and Climate-smart Oil Palm Smallholders 2 (NISCOPS 2) program. NISCOPS is a government-to-government initiative focusing on improving the livelihood of smallholders and addressing climate change through climate adaptation, forest protection, and reducing carbon emissions. 'It supports Malaysia's commitment under the Paris Agreement, the Convention on Biological Diversity, and the United Nations Sustainable Development Goals by implementing climate-smart agricultural practices in Malaysia,' he said
CRUDE PALM OIL MALAYSIA EXPORTS PRICES AGRICULTURE INDUSTRY OUTLOOK
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