Malaysia’s export value of its agricommodity sector in 2021 is expected to hit MYR 204 billion (USD 49.06 billion), a significant increase from MYR 152 billion (USD 36.55 billion) recorded in 2020. This is in tandem with the rise in commodity prices in the market. As of August 2021, the sector reached MYR 137.4 billion (USD 33.04 billion) of export value, with the palm subsector contributing MYR 63.7 billion (USD15.32 billion).
According to the Minister of Plantation Industries and Commodities Datuk Zuraida Kamaruddin, palm is the biggest contributor to the Ministry in terms of income for the country. The commodity has shown a good trend, with prices currently hitting over MYR 5,000 (USD 1,202.36) per tonne, the highest level in history. To ensure that palm oil continues to generate good income for the country, some 32,000 foreign workers from Indonesia would be brought into Malaysia to work in the palm oil plantation sector. The first batch of foreign workers is expected to arrive in mid-November.
(Sources: Bernama; The Edge Markets)