The Malaysian oil palm industry has shown stellar performance with record highs in key performance indicators, namely price of palm oil products, crude palm oil production, imports, exports volume as well as revenue. Average annual price of palm oil for the year breached the RM3,000 mark to register at RM3,219, while export revenue of palm products reached a record high of RM80.4 billion, an increase of 34.5% against RM59.8 billion achieved in 2010.
The Malaysian oil palm industry recorded mixed performance in 2010. Lower crude palm oil (CPO) production and higher exports pushed palm oil stocks down to 1.62 million tonnes. Tight vegetable oil supplies and high crude oil prices during the year pushed palm oil price from a comfortable level of RM2,500 in the first half of the year to more than RM3,000 towards the end of the year. Export earnings from oil palm products reached RM59.77 billion, an increase of 20.4% from RM49.66 billion recorded the previous year.