When palm oil prices soared to record highs last year, a Malaysian estate manager surnamed Lim postponed replanting his old, unproductive trees for a third consecutive year to lock in profits - a decision he regrets and is scrambling to fix.
, the world's biggest palm oil producer, told Reuters it will expand its pool of replanting contractors and aims to replant 19,549 hectares this year, up from 12,436 hectares in 2022 and just 2,023 hectares in 2021., told Reuters it plans to replant 10,000 hectares this year, up from a lower-than-usual 6,000 hectares in 2022.
“We are ramping up full speed. We will replant as much as the seedling supplier can supply,” said Lim."Palm oil has lost its growth momentum ... Insufficient replantings and management constraints are keeping yields below potential,” Thomas Mielke, head of Hamburg-based research firm Oil World, told a conference last month.
The scheme targeted replanting of 2.4 million hectares but only managed to replant around 278,000 hectares by February, partly due to land legality issues. The oldest and least productive trees - those aged 25 or more - account for 4% of total planted acreage in Indonesia and twice that in Malaysia.
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