Malaysia palm oil exports peaked in 2018/19, but have since declined 15 percent to 15.5 million in 2021/22. For one, global import demand was down in 2021/22 owing to weaker economic growth and extremely high vegetable oil prices. Additionally, sourcing foreign labor for palm oil cultivation in Malaysia has been a challenge due to COVID-19 restrictions. Despite the downward pressures facing global palm oil trade in 2021/22, Malaysia increased global market share, backfilling weaker Indonesia exports. While exports are forecast up in 2022/23, Malaysia market share is expected to decline on increased competition from Indonesia.
By: via Malaysian Palm Oil Council Russia
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