Malaysian palm oil earnings to hit new record
Thursday, 18 October 2007
KUALA LUMPUR, Oct 17 (AFP): The value of Malaysia's palm oil exports is expected to reach a record of 40 billion ringgit (11.84 billion dollars) this year as prices soar, a report said today.
Plantation Industries and Commodities Minister Peter Chin said the forecast had been lifted from an earlier figure of 35 billion ringgit, and compared to 31.81 billion ringgit earned from palm oil exports last year.
"We had initially projected a conservative 10 per cent jump in export values for this year," Chin told the New Straits Times.
"But looking at the figures for the first nine months of this year, we are optimistic and have revised upwards our projections, predicting a 25 per cent growth from last year," he said.
Plantation Industries and Commodities Minister Peter Chin said the forecast had been lifted from an earlier figure of 35 billion ringgit, and compared to 31.81 billion ringgit earned from palm oil exports last year.
"We had initially projected a conservative 10 per cent jump in export values for this year," Chin told the New Straits Times.
"But looking at the figures for the first nine months of this year, we are optimistic and have revised upwards our projections, predicting a 25 per cent growth from last year," he said.