Ministry eager to stabilise prices

23/02/2023 (Bangkok Post) - Crude palm oil exports may reach 1 million tonnes this year, up from 919,000 tonnes last year, driven by a higher supply of oil palm and strong demand from India and China, according to the Commerce Ministry.

Wattanasak Sur-iam, director-general of the Internal Trade Department, said the ministry plans to increase crude palm oil exports this year as much as possible to maintain the stability of prices in the domestic markets.

Mr Wattanasak cited a forecast by the Agricultural Economics Office that estimates fresh palm nut production at 18.9 million tonnes this year, up 3% from 18.4 million in the 2022 season, with crude palm supply increasing to 3.15 million tonnes for domestic consumption and export, up from 3.14 million tonnes last year.

Oil palm plantation areas are estimated at 6.2 million rai this year, up from 6.15 million rai in 2022.

Relatively good prices in 2022 encouraged farmers to convert their unused land or change to growing oil palm from other crops, according to the report.

https://www.bangkokpost.com/business/2513271/crude-palm-oil-exports-set-to-hit-1m-tonnes