How big is the palm oil industry in Malaysia?

How much is Malaysian palm oil industry worth?

Export value of palm oil and palm-based products Malaysia 2013-2019. In 2019, the export value of palm oil and palm-based products in Malaysia was valued at approximately 67.55 billion Malaysian ringgit. Palm oil is one of Malaysia’s main agricultural exports, and is one of the leading producers of palm oil worldwide.

How much palm oil is produced in Malaysia?

In 2020, Malaysia accounted for 25.8% and 34.3% of world’s palm oil production and exports, respectively. If taken into account of other oils & fats produced in the country, Malaysia accounted for 9.1% and 19.7% of the world’s total production and exports of oils and fats in the same year.

How much does palm oil contribute to Malaysian economy?

In 2019, the gross domestic product (GDP) contribution from palm oil in Malaysia was estimated to be at 2.7 percent of its GDP. Palm oil is one of Malaysia’s primary industries, and its main agricultural export globally.

How many palm oil companies are there in Malaysia?

Boustead Plantations Berhad owns more than 41 palm oil plantation estates and over 11 palm oil milling companies in Malaysia.

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How much palm oil does Malaysia produce a year?

Malaysia is the second largest producer of palm oil in the world after Indonesia, and exports more than 17 million mt of palm oil a year.

Does Malaysia import palm oil?

Imports In 2019, Malaysia imported $686M in Palm Oil, becoming the 9th largest importer of Palm Oil in the world. At the same year, Palm Oil was the 55th most imported product in Malaysia.

Who produces palm oil in Malaysia?

The plantation industry’s well known and sizeable players include Sime Darby Plantation Berhad, IOI Corporation Berhad, Kuala Lumpur Kepong Berhad and Genting Plantations Berhad. Felda has the world’s largest palm oil plantations, with 811,140 hectares of palm oil trees in the Malaysian peninsula of Sabah and Sarawak.

Who owns palm oil plantations in Malaysia?

40% of all Palm Oil plantations in Malaysia are owned or farmed by small farmers, who have benefited from oil palm cultivation. Palm Oil has been a major factor in Malaysia reducing poverty from 50% in the 1960s, down to less than 5% today.