Thailand expects to export 800,000 tonnes of palm oil

Thailand expects to export 800,000 tonnes of crude palm oil this year, aiming to stabilise the prices of local fresh palm nuts. Wattanasak Sur-iam, director-general of the Internal Trade Department, said the local price of domestic fresh palm nuts continues to improve, increasing to more than 5 baht per kilogramme after plummeting in April to May because of a glut. He said the department has a plan for continued exports to reduce the excess supply, which should help increase the price of palm nuts. In the first half this year, Thailand exported roughly 400,000 tonnes of crude palm oil, with the same amount projected for the second half, totalling 800,000 tonnes in 2024, similar to the previous year. Thailand’s crude palm oil can compete in the global market because the local and global price levels are similar, said Mr Wattanasak. The current price of Thai crude palm oil is 33.25 baht per kg, up from 32.63 baht last month, while the price in the global market is 32.72 baht per kg, ...