Strong Palm Oil Demand in Malaysia, Thanks to India and China
Malaysia is anticipating strong palm oil demand this year, thanks mainly to China (9.1%), the European Union (7.1%), and India (17.4%). The Malaysian Palm Oil Board (MPOB) estimates crude palm oil production will hit 18.7 million tonnes.
Addressing Challenges the Key to Success
For estimates to stay positive in 2024, it is important that key challenges are acted swiftly on. It is important that negative perceptions against palm oil are managed accordingly. Only then can the positive estimates for 2024 come to fruition.
With more palm trees maturing and the higher labour market conditions, it was bound to improve production, even if it was just by a 1% margin. Malaysia is poised to set the bar for palm oil production globally, as long as it focuses on producing high-quality fruits.
A Strong Performing Sector
Despite the 2023 market uncertainties, Malaysia proved that its palm oil sector continued to play a major role in the Malaysian economy. The strong palm oil demand.
The Malaysian Palm Oil Certification Council (MPOCC) will soon be known as the Malaysian Sustainable Palm Oil (MSPO) Certification. This will avoid confusion with the Malaysian Palm Oil Council (MPOC).
