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Home  >>  Daily News  >>  Malaysia News  >>  Commodities  >>  Malaysia sees palm oil shipments earning 100bn ringgit by 2020
NEWS UPDATES 27 January 2010

Malaysia sees palm oil shipments earning 100bn ringgit by 2020

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The export of palm oil products is expected to exceed 100 billion ringgit (1$=3.4 ringgit) in 2020 boosted by strong production, national news agency Bernama quoted Plantation Industries and Commodities Minister, Tan Sri Bernard Dompok as saying Tuesday.

To achieve the target, he said the government is looking to generate exports of more value added products, services and palm oil related technologies.

In 2008, the export of palm oil products stood at 65.2 billion ringgit.

As for timber, he said export earnings from the industry is expected to reach 53 billion ringgit by 2020 from 22.5 billion ringgit in 2008.

Asked about the crude palm oil (CPO) price, Dompok said he is comfortable with the present 2,400 ringgit -2,600 ringgit per tonne level.

"At the 2,400 ringgit -2,600 ringgit level, the farmers and plantation owners should be happy. If they are happy, of cause I am happy too," he added.


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