Malaysia: Palm oil boasts potential despite lower prices

A palm garden in Johor, Malaysia (Photo: AFP/VNA)

Hanoi (VNA) - Malaysia’s palm oil potential remains intact despite softening crude palm oil (CPO) prices, and its prospects will remain bright in the second half of this year, according to Minister of Plantation Industries and Commodities Datuk Zuraida Kamaruddin.

As reported by the country’s news agency Bernama, the official attributed these to the success of the ministry’s campaign, namely The Global Movement to Champion the Goodness of Palm Oil, which is intended to counter misinformation and false information on the commodity.

She said that Malaysia exported 11.47 million tonnes of palm oil and palm oil-based products for 67.48 billion RM (15.18 billion USD) between January and June, annually increasing by 2.8% and 55.2%, respectively.

Zuraida said the sharp rise in export earnings was partly due to a spike in CPO prices, both domestically and abroad.

In the first half, CPO prices rose by 55.9% to 6,330 RM per tonne from 4,061.50 RM per tonne posted in the same period last year./.

VNA