The average crude palm oil (CPO) price in Malaysia soared by 9.7% to RM4,179.50 per tonne in 2024, reaching its peak at RM5,119.50 per tonne in December. This price increase contributed to a 15.1% surge in total oil palm products export revenue to RM109.3 billion. Total palm oil exports also climbed 8.9% to 26.66 million tonnes. The Malaysian palm oil industry produced 19.3 million tonnes of CPO in 2024, a 4.2% increase from 2023. The ministry plans to focus on mechanization and automation to address labor shortages.
Chan speaking at a press conference after the Palm Oil Economic Review and Outlook Seminar 2025 in Kuala Lumpur today. On the right is Malaysian Palm Oil Board chairman Datuk Mohamad Helmy Othman Basha. – BernamapicThe average crude palm oil price surged by 9.7% to RM4,179.50 per tonne last year from RM3,809.50 per tonne in 2023, according to Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani.
Johari said total exports of palm oil and palm-based products for 2024 rose to 26.66 million tonnes compared to 24.49 million tonnes in 2023, an increase of 8.9% or 2.17 million tonnes. The outlook for the palm oil industry in Malaysia remains positive, as supply and demand remain stable with the expected recovery from labour shortages.
“Over the long term, we should aim for more mechanisation and automation. In Budget 2025, the goverment has also provided incentives to encourage industry players to adopt more mechanisation and automation, so that’s the plan going forward.”
Agriculture PALM OIL EXPORT MALAYSIA PRICES PRODUCTION LABOUR AUTOMATION
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