PUTRAJAYA: The Malaysian Palm Oil Board (MPOB) expects the average price of crude palm oil (CPO) to rise above RM2,500 per tonne this year against RM2,250 per tonne in 2018.
Chairman Tan Sri Mohd Bakke Salleh said the performance of the Malaysian palm oil industry is also expected to improve this year with CPO production projected at more than 20 million tonnes compared with 19.5 million tonnes in 2018.
“The country’s palm oil industry experienced a bleak situation in 2018 following the decline in production and CPO prices,” he said in his welcoming speech at the Palm Oil Economic Review and Outlook Seminar 2019 today.
Themed, “Palm Oil Driving Economic Sustenance”, the seminar is an annual forum organised by the MPOB for industry players to interact and share the latest developments.
Eight papers will be presented on the performance and prospects of the Malaysian palm oil industry.
According to Mohd Bakke, palm oil products had garnered a positive reputation as a trans fat-free alternative for the food industry in the US.
“The share of Malaysian palm oil imported into Pakistan has improved from 20% to 25% as more palm olein is being used as frying oil.
“Commercial oil palm cultivation started over 100 years ago and the subsequent growth of the whole supply chain has played a significant role and contributed to the socioeconomic development of the country, while fullfiling global demand for vegetable oils,” he said.
He also said palm oil was in fact the most consumed vegetable oil in the world at 70.21 million tonnes last year and constituted 30.9% of the total global oils and fat consumption.
