InfoSAWIT, KUALA LUMPUR - The average price of crude palm oil (CPO) surged by 9.7 percent to RM4,179.50 per ton in 2024 compared to RM3,809.50 per ton in 2023, according to the Minister of Plantation and Commodities, Datuk Seri Johari Abdul Ghani.
In December 2024, the average monthly price of CPO peaked at RM5,119.50 per ton, while the highest daily price recorded was RM5,333.50 per ton on December 6, 2024. "This increase significantly boosted export revenue from palm oil products by 15.1 percent to RM109.3 billion in 2024, compared to RM94.9 billion in 2023," said Johari during his speech at the Palm Oil Economic Review and Outlook Seminar 2025, as quoted by InfoSAWIT from Bernama on Thursday (January 16, 2025).
Total exports of palm oil and its derivatives reached 26.66 million tons in 2024, an increase of 8.9 percent or 2.17 million tons compared to 24.49 million tons in 2023. The main export markets for Malaysia include India, China, the European Union, Kenya, Turkey, and the Philippines, with a total export volume of 8.57 million tons or 50.7 percent of Malaysia's total palm oil exports in 2024.
National CPO production also increased by 4.2 percent to 19.3 million tons in 2024 compared to 18.55 million tons in the previous year. Johari emphasized that the recovery from labor shortages has also supported the stability of supply and demand in the Malaysian palm oil industry.
On another note, the Malaysian Palm Oil Board (MPOB) has collaborated with the Dutch Embassy and the British High Commission in Malaysia to launch the National Initiative for Sustainable and Climate-smart Oil Palm Smallholders 2 (NISCOPS 2). This government-to-government initiative aims to enhance the welfare of smallholder farmers while addressing climate change through climate adaptation, forest protection, and carbon emission reduction.
"This initiative supports Malaysia's commitments under the Paris Agreement, the Convention on Biological Diversity, and the United Nations Sustainable Development Goals by implementing climate-smart agricultural practices in Malaysia," stated MPOB in its announcement. (T2)
