Malaysia’s palm oil production and exports to grow 30% by end of 2022 – minister
KUALA LUMPUR: Malaysian palm oil production and exports are expected to increase by 30% by the end of this year, amid rising demand after neighboring Indonesia banned exports and following the return of plantation workers from abroad, a minister said.
Malaysia, the world’s second-largest producer of palm oil after Indonesia, is expected to benefit from a global shortage of edible oil exacerbated by Jakarta’s export ban last month, but has struggled with a labor shortage. prolonged labor after coronavirus borders halted the entry of migrant workers for his plantations.
In September, authorities approved the recruitment of 32,000 migrant workers for oil palm plantations and some are expected to arrive this month and June under a special government quota, said the Minister of Plantations, industries and commodities, Zuraida Kamaruddin, in a statement. She did not specify how many workers were to be recruited.
“With workers returning, production levels will increase and Malaysia is on track to meet global demand,” she said.
Zuraida said Malaysian growers and growers should “reap the benefits of the void” left by Indonesia, adding that a sharp price correction could take place in July when the export ban is expected to be lifted.
Malaysia has previously said it plans to take advantage of a global edible oil shortage and “political tensions in Europe” to regain market share after buyers shunned the product over environmental and forced labor concerns. .