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PUTRAJAYA, Jan 13 -- The crude palm oil (CPO) price is expected to average at RM3,800 per tonne in 2022 on improved palm oil production, in line with the performance of other major vegetable oils prices amid the recovery in production and stock, the Malaysian Palm Oil Board (MPOB) said.
Director-general Datuk Dr Ahmad Parveez Ghulam Kadir said CPO production is expected to improve 4.9 per cent this year to 19 million tonnes from 18.12 million tonnes recorded in 2021, while stocks are projected to pick up 23.4 per cent to 1.95 million tonnes versus 1.58 million tonnes last year.
“We foresee exports to increase 9.3 per cent to 17 million tonnes this year from 15.56 million tonnes previously,” he said during a presentation at the one-day Palm Oil Economic Review and Outlook Seminar (R&O) 2022 organised by MPOB today.
Ahmad Parveez emphasised that the year 2022 is expected to bring a brighter prospect for the Malaysian palm oil industry with all key industry indicators projected to show a better performance.
Export revenue, however, is expected to fall to RM95 billion compared with RM106.50 billion.
He highlighted that the industry experienced a mixed performance last year wherein the slowdown in CPO production had limited the capacity for the country to export the commodity and other palm-based products despite stable demand from importing countries.
Malaysia is the world's fifth largest producer of oils and fats in 2021, accounting for 7.5 per cent of the total global oils and fats production.
It is also the second-largest exporter of oils and fats. Exports of Malaysian palm oil amounted to 15.56 million tonnes last year, constituting 16.4 per cent of total global oils and fats exports and 30.5 per cent of the global palm oil trade.
Globally, exports of palm oil in 2021 stood at 54 per cent, followed by soybean oil at 14 per cent, rapeseed oil (7.0 per cent), sunflower oil (12 per cent), and others 13 per cent.
The top five export destinations for Malaysian palm oil, accounting for a combined 8.48 million tonnes, are India, China, the European Union, Turkey, and Kenya.
Meanwhile, the CPO production in 2021 fell 5.3 per cent to 18.12 million tonnes versus 19.14 million tonnes in 2020 while closing stocks improved 25.1 per cent to 1.58 million tonnes.
From January to December 2021, the average CPO price surged by 64.1 per cent to a record high in the commodity's history at RM4,407.00 per tonne compared with RM2,685.50 per tonne during the same period in 2020.
Likewise, the average CPO price reached its historical peak for a monthly average at RM5,341.00 per tonne in November 2021 and a record daily average of RM5,429.00 per tonne on Nov 19, 2021.
This resulted in a significant increase of 47.7 per cent in the total palm oil products export revenue to RM95.76 billion in 2021 (January-November) compared with RM64.85 billion in the same period in 2020.
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