Plunging prices of palm oil has wiped out hundreds of millions of ringgit from export revenue this month, spelling trouble for the country’s balance of trade, reports KiniBiz.
Conservative estimates by the business news portal place the loss to export revenue in August so far at RM300 million and counting.
The price of globally traded crude palm oil as reported by the Malaysian Palm Oil Board (MPOB) has fallen from a July average of just under RM2,400 per metric tonne to close last Friday at RM2,030 per tonne, a near 5-year low.
