Palm oil exports to hit RM65.2 bln this year

Malaysia’s palm oil exports are expected to reach RM65.2 billion this year from RM49.5 billion in 2009.

Plantation Industries and Commodities Minister Tan Sri Bernard Dompok said the forecast was based on the growth in output and export volumes.

In the first nine months, palm oil production rose two per cent to 11.10 million tonnes while exports increased nearly 6 per cent to 10.94 million tonnes compared with the corresponding period last year.

The palm oil industry’s rapid advancement has contributed towards the country’s economic development and prosperity through growth in output and exports, supported by competitive market prices.

The government had allocated RM50 million through MPOB to encourage smallholders’ involvement in sustainable palm oil production.

BP 12/10/10