Malaysia plantation exports seen at record in 2011

Monday, 2 January 2012 00:29 - - {{hitsCtrl.values.hits}}

KUALA LUMPUR (Reuters): Malaysia’s plantation commodity exports are expected to hit a record high of 140 billion ringgit ($44.06 billion) in 2011 due to strong demand, a Government Minister was quoted on Friday as saying.

Plantation Industries and Commodities Minister Bernard Dompok said plantation exports from January to October this year totalled 118.2 billion ringgit, up 28 per cent from a year ago.

Exports in 2010 totalled 113.29 billion ringgit and 91.16 billion ringgit in 2009, Business Times newspaper said.

Dompok said palm oil earnings are likely to total 80 billion ringgit this year, accounting for the bulk of commodity exports.

Malaysian plantation commodities comprise of palm oil, rubber, timber, cocoa, tobacco and pepper.“The higher palm oil, rubber and pepper pricing was fuelled by global demand that surpasses supply and the weakening of the US dollar against the ringgit,” he said.