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By Yee Mei
KUCHING, Sept 5: The Malaysian palm oil industry has demonstrated resilience in the first half of 2023 as its benchmark crude palm oil (CPO) price remained robust at RM3,900 per metric tonne average year-to-date 2023.
This was said by Bursa Malaysia Berhad chairman Tan Sri Abdul Wahid Omar during his welcome address at the East Malaysia Palm & Lauric Oils Price Outlook Conference & Exhibition (emPOC2023) here today.
He elaborated that this demonstrates the industry’s adeptness at navigating challenges while maintaining its competitive edge, considering the influence of external factors on the world’s palm oil prices.
“Despite the looming El Nino phenomenon, which is expected to affect 2024 production, Malaysia’s estimated production of 19 million tonnes of palm oil in 2023 is said to surpass the 18.45 million tonnes recorded in 2022.
“This is further supported by the recent Malaysian Palm Oil Board (MPOB) report, which highlighted a 15.55 per cent rise in exports and an 11.21 per cent surge in production in July—surpassing market expectations.
“Meanwhile, palm oil stocks at the end of July 2023 reached approximately 1.73 million metric tonnes, marking a third consecutive monthly increase as reported by the MPOB,” he said.
On the global front, he said, the United Kingdom’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in March 2023 carries strategic significance.
“This move opens the door to immense potential by eliminating tariffs on Malaysian palm oil imports, allowing industry players to capitalise on opportunities arising from expanded market access and increased exports to the United Kingdom and fellow CPTPP member countries,” he said.
Sarawak Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg officiated at the event. — DayakDaily
