Malaysia's palm oil exports sees record growth In FY 2023
Palm oil has a strong demand in the global market due to its use of cooking oil and beauty products. The demand became more prominent when it was banned by Indonesia which is the largest exporter of palm oil across the globe. Malaysia, which is the second largest palm oil exporter, has shown record palm oil exports during the financial year 2023. Although, there are certain regulations for the palm oil exports amid mass deforestation across the country. Malaysia’s palm oil production is estimated to be around 18.4 million MT this year. According to the Malaysia import export data , the country’s overall palm oil exports hit $15 billion during last year. Whereas, Malaysian palm oil exports reached over 8 million tonnes till now. The most favoured destinations for Malaysia's palm oil exports are India, Zimbabwe, Kenya, Philippines, Pakistan, Turkey, Vietnam, Ghana, Ukraine and Bangladesh. According to the Malaysia export data reports, India has imported over $4 billion worth...