Record profits likely for Malaysian palm oil exporters
Updated
Palm oil exporters in Malaysia could see a record $US15.7 billion profit this year, as global energy demands continue to grow.
Last year palm oil prices rose by 67 per cent, hitting consumers but providing significant benefits to the two biggest producers, Malaysia and Indonesia.
Palm Oil Board chairman, Sabri Ahmed, says limited supplies and a high demand for vegetable oils, together with bad weather in the region, could see good prices for exporters continue into 2009.
"We expect the world demand for vegetable oils and fats to increase within the next three to four years," he told the Malaysian newspaper The Star.
Mr Sabri says China is expected to continue as Malaysia's biggest palm oil customer.
"China and India are expected to take the lead in demand for palm oil due to mushrooming domestic industries and increasing consumption," he said.
