Malaysian palm oil earnings to fall 25pc this year

Malaysia, the world's second-largest palm oil producer, said Monday it expects its palm oil export earnings to fall 25 percent this year due to falling prices.
Official data showed export earnings from oil palm products stood at 65.2 billion ringgit (19 billion dollars) last year, up from 45.17 billion ringgit in 2007. Malaysian palm oil is exported to more than 150 countries worldwide.
Crude palm oil prices (CPO) plummeted from a peak of 4,312 ringgit (1,257 dollars) per tonne a year ago to a low of 1,390 ringgit in October last year. Prices have recovered somewhat at 2,170 ringgit per tonne currently.
"Our output has not dropped, but in terms of value and export earnings it has dropped and we will not get as much as last year," Bernard Dompok, the plantation industries and commodities minister told reporters.
He said that the earnings drop would be "about 25 percent".