Categories: Agriculture

Palm Oil: Malaysia 2018 Output To Rise By 2.5%

The world’s second largest Palm oil producing country, Malaysia is expected to increase by 15.5 percent this year and will grow by 2.5 percent in 2018, the government said on Friday.

 

Malaysian output is forecast to rise to 20 million tonnes this year and to 20.5 million tonnes in 2018 due to better yields and expansion into matured areas, according to forecasts given in the government’s annual economic report released ahead of Prime Minister Najib Razak’s announcement of the 2018 budget. In 2016, production was 17.3 million tonnes, the report said. Average prices for palm oil are also projected to rise because of higher demand.

 

“Palm oil price (in 2018) is expected to increase to an average of 2,750 ringgit per tonne bolstered by higher demand, particularly from China, the (European Union) and India.”

 

The government expects an average palm oil price of 2,700 ringgit ($638) per tonne this year. ($1 = 4.2330 ringgit)

 

Recent Posts

Teenager Sentenced To Three Years In Jail For Snatching Phone

An 18-year-old boy, Promise Happy has been convicted and sentenced to three years imprisonment for…

1 hour ago

Yoruba Obas Stooge To Politicians, Losing Relevance – Olowu Of Kuta

The Olowu of Kuta in the Aiyedire Local Government area of Osun State, Oba Hameed…

1 hour ago

Suspects Confess To Joining Cult To Protect Their Mothers From Physical Assaults By Their Lovers

Two confessed members of Dey- Bam confraternity, in Bonny Local Government Area of Rivers State,…

2 hours ago

Woman Kidnaps Self, Demands N4m Ransom From Family

Police in Akwa Ibom said it had arrested a woman from Nung Oku village in…

2 hours ago

OBSERVATION: How Not To Address JAPA Syndrome

ADEMOLA YAYA JAPA is a Yoruba word that means ‘flee’ to gaining freedom from bondage…

15 hours ago

JUMAT SERMON: Welcome, Oh Ramadan! (Part One)

By Sheikh Ibrahim Oladejo Raji RAMADAN! What is Ramadan? And what will make you know…

15 hours ago

This website uses cookies.