KUCHING, Sept 5 — Despite the influence of external factors on the world’s palm oil prices, the Malaysian palm oil industry had demonstrated resilience in the first half of 2023, Bursa Malaysia Berhad chairman Tan Sri Abdul Wahid Omar said today.
"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,” he said at the East Malaysia Palm and Lauric Oils Price Outlook Conference and Exhibition here.
"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,” Wahid said. "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.