KUALA LUMPUR (Commodity Online) : One of the world’s top palm oil producing countries, Malaysia said it is confident of exceeding the total palm oil export figure of 50 billion ringgit registered last year.

According to Malaysia’s Plantation Industries and Commodities ministry, this follows a strengthening of the Crude Palm Oil (CPO) price and a forecast increase in production for this year.

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In 2009, the export of palm oil products was valued at 49.59 billion ringgit, a contraction of 24 per cent compared to the 65.2 billion ringgit in 2008 resulting from a lower CPO price of 2,244.50 ringgit compared to 2,856.50 ringgit previously.

"With Malaysian palm oil production, projected to recover and reach 18.1 million tones this year in line with growing demand for palm oil products, we are foreseeing a resilient trend," the ministry said in a statement.

In terms of quantity, the export of Malaysian palm products comprising of palm oil, palm oil kernel, palm kernel cake, oleochemicals, biodiesel and finished products, registered growth of 2.9 per cent to 22.40 million tones in 2009 from the 21.76 million tones recorded previously.

Malaysian palm oil is currently exported to more than 150 countries globally.

The palm oil industry in Malaysia is currently faced with a number of constraints, including labour shortages, limited suitable land and more importantly, demands from global markets for sustainably produced palm oil.

Oil palm cultivation in Malaysia occupies close to 4.67 million hectares and provides employment to more than one million people.

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