Malaysia's Average CPO Price 9.7 Pct Up In 2024 To RM4,179.50 Per Tonne

KUALA LUMPUR, Jan 14 (Bernama) -- The average crude palm oil (CPO) price surged by 9.7 per cent to RM4,179.50 per tonne last year from RM3,809.50 per tonne in 2023, according to Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani.

Likewise, he said, the monthly average CPO price reached its peak at RM5,119.50 per tonne in December 2024 while the daily average price peaked at RM5,333.50 per tonne on Dec 6, 2024.

“This significantly increased total oil palm products export revenue by 15.1 per cent to RM109.3 billion in 2024 from RM94.9 billion in 2023,” he said in his opening speech at the Palm Oil Economic Review and Outlook Seminar 2025 here today.

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Johari’s speech was delivered by his deputy Datuk Chan Foong Hin.

He also noted the total export of palm oil and palm-based products for 2024 had increased to 26.66 million tonnes compared to 24.49 million tonnes for 2023, an increase of 8.9 per cent or 2.17 million tonnes. 

Among the top six export markets for Malaysian palm oil products were India, China, the European Union, Kenya, Türkiye and the Philippines, with a total export value of 8.57 million tonnes or 50.7 per cent of the total Malaysian palm oil exports for 2024. 

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He said the Malaysian palm oil industry produced 19.3 million tonnes of crude palm oil in 2024, an increase of 4.2 per cent compared with 18.55 million tonnes in 2023

The outlook for the palm oil industry in Malaysia remains positive, as supply and demand remain stable with the expected recovery from labour shortages.

Meanwhile, according to a combined statement, the Malaysian Palm Oil Board (MPOB) has partnered with the Netherlands embassy and the British High Commission in Malaysia to launch the National Initiative for Sustainable and Climate-smart Oil Palm Smallholders 2 (NISCOPS 2) programme.

NISCOPS is a government-to-government initiative that focuses on improving smallholders’ livelihood and tackling climate change by adapting to the climate, protecting forests and reducing carbon emissions.

“It supports Malaysia’s commitments under the Paris Agreement, the Convention on Biological Diversity and the United Nations’ Sustainable Development Goals, by operationalising climate smart agriculture in Malaysia,” it added.

-- BERNAMA