Malaysia 2018 Palm Oil Output To Rise By 2.5%

Palm oil price push global staple food commodities to rise in April-FAO

Palm oil production in Malaysia, the world’s second largest producer, is expected to increase by 15.5 per cent this year and will grow by 2.5 per cent in 2018, the government said on Friday.

Malaysian output is forecast to rise to 20 million tonnes this year and to 20.5 million tonnes in 2018 due to better yields and expansion into matured areas, according to forecasts given in the government’s annual economic report released ahead of Prime Minister Najib Razak’s announcement of the 2018 budget.

In 2016, production was 17.3 million tonnes, the report said.

READ: Nigeria saves N216bn from rice importation – BOA

Average prices for palm oil are also projected to rise because of higher demand.

“Palm oil price (in 2018) is expected to increase to an average of 2,750 ringgit per tonne bolstered by higher demand, particularly from China, the (European Union) and India.”

The government expects an average palm oil price of 2,700 ringgit ($638) per tonne this year. ($1 = 4.2330 ringgit)

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About EZEKIEL ENEJETA 3118 Articles

Ezekiel Enejeta is a graduate of mass communication and a passionate journalist, his flair for writing has led him into pursuing a career in news reporting. He currently serve as the editor of Financial Watch. He can be contacted via phone call at 08141171945

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