KUALA LUMPUR: The Malaysian Palm Oil Board (MPOB) on Monday raised its forecast for palm oil export revenue in 2021 to 75 billion ringgit ($18.12 billion), up from 73.25 billion ringgit ($17.69 billion) last year.

The industry regulator maintained its projection for the benchmark crude palm oil price to average 3,000 ringgit a tonne this year.

"The year 2021 is expected to bring a brighter prospect for the Malaysian palm oil industry with all key indicators of the industry are projected to show a better performance," said MPOB Director General Ahmad Parveez Ghulam Kadir in an online presentation.