Report ECO261: Malaysian Economics
Title:
The Impact of Inflation on Malaysian Palm Oil Price
Miss Shaliza Azreen Bt Mohd Zulkifli
Prepared by:
Syahida Bt Abd Aziz 2008220426
Noraini Bt Pettire 2008253422
Nurul Afifi Ryana Bt Adnan 2008274854
Nurul Emizar Bt Jamil 2008220444
Nur Fathia Bt Saleh 2008296216
Group: BMD5Bc
Date due: 7 October 2010
July 2010 – November 2010
Diploma in Business Studies
Faculty of Business Management
Universiti Teknologi MARA Perlis,
02600, Arau PERLIS.
TABLE OF CONTENTS
1.0 Introduction 3
1.1 History of palm oil 7
1.2 Problem Statements 9
1.3 Research Questions 9
1.4 Objectives 9
1.4.1 General Objectives 9
1.4.2 Specific Objectives 9
2.0 Literature Review 10
2.1 Introduction 10
2.2 Palm oil price 10
2.3 Inflation rate 10
2.3.1 Relationship between inflation rate and palm oil price 10
2.4 Crude oil price 11
2.4.1 Relationship between crude oil price and palm oil price 11
2.5 Import of palm oil 11
2.5.1 Relationship between import of palm oil and palm oil price 11
2.6 Theoretical of Framework 12
3.0 Methodology 13
3.1 Introduction 13
3.2 Research Objectives 13
3.3 Data Collection 13
3.3.1 Scope of study 13
3.3.2 Data collection process 13
3.3.3 Sources of data 14
3.3.4 Research variable 14
3.4 Hypothesis 14
3.5 Data analysis 15
3.5.1 Coefficient of Determination, R2 15
3.5.2 F – Statistics (F-Test) 17
3.6 Conclusion 17
4.0 Conclusion/ Recommendations 18
4.1 Conclusion 18
4.2 Recommendations 18
5.0 Bibliography 20
CHAPTER 1
INTRODUCTION
1.0 INTRODUCTION
Palm oil is the most important need in every living organization. Palm oil industry makes a significant contribution to the Malaysian economy. The Ninth Malaysia Plan (2006-2010) states that “crude palm oil production increased at the average rate of 6.7 per cent per annum due to improvements in yield, higher oil extraction rate, expansion in matured areas as well as higher palm oil. The palm oil industry benefited from the tight world supply of edible oils and fats, which resulted in palm oil prices rising to its highest level of RM1, 610 per metric tonne during the Plan period.” Palm oil industry gains effective competitive strength because this sector has obtained minimal domestic support from the government and other exporters pick up export subsidies from developed countries.
The value of palm oil is increasing since the import tariffs for palm oil has been reduced and the hectares for palm oil plantation are increasing. Palm oil is used as edible oil and in soap. It is exported in crude palm oil and palm kernel oil, primarily to India, Pakistan, China, Japan, Singapore and Europe. According to Poon Wai Ching (2006), South Asia region (India and Pakistan) lead the largest exporter of the Malaysian palm oil. Realizing the importance of the palm oil to the country, this research will be conducted to go in deep regarding palm oil. The interest of the study will be focused on the impact of inflation toward palm oil price. The study will conduct to understand the relationship between inflation rate, price of crude oil and import of palm oil toward the palm oil price.
The goal of this study will help palm oil’s traders to understand the things that affect the palm oil price. Production of palm oil in Malaysia will lead to a number of exports to increase through all the time. Table 1.0 shows the annual production and export of oil palm products.
Table 1.0: Annual Production and Export of Oil Palm Products (tonnes), 1975 – 2002
Year
|
Crude Palm Oil
|
Palm Kernel
|
||
Production
|
Export
|
Production
|
Export
|
|
1975
|
1,257,573
|
1,172,926
|
232,821
|
109,153
|
1976
|
1,391,965
|
1,340,105
|
256,015
|
123,611
|
1977
|
1,612,747
|
1.427,265
|
334,791
|
104,981
|
1978
|
1,785,525
|
1,515,829
|
367,540
|
132,085
|
1979
|
2,188,699
|
1,916,020
|
475,039
|
203,886
|
1980
|
2,573,173
|
2,271,222
|
557,066
|
218,937
|
1981
|
2,822,144
|
2,485,528
|
588,783
|
242,145
|
1982
|
3,510,920
|
2,876,922
|
909,918
|
334,164
|
1983
|
3,016,481
|
3,164,457
|
834,570
|
368,727
|
1984
|
3,714,795
|
3,183,451
|
1,045,579
|
391,473
|
1985
|
4,134,463
|
3,434,025
|
1,211,887
|
437,115
|
1986
|
4,542,249
|
4,558,806
|
1,336,263
|
535,066
|
1987
|
4,531,960
|
4,218,344
|
1,311,218
|
499,308
|
1988
|
5,027,496
|
4,342,010
|
1,473,288
|
535,665
|
1989
|
6,056,501
|
5,192,111
|
1,793,690
|
660,623
|
1990
|
6,094,622
|
5,727,451
|
1,844,737
|
689,727
|
1991
|
6,141,353
|
5,573,223
|
1,785,218
|
671,293
|
1992
|
6,373,461
|
5,565,032
|
1,874,367
|
455,999
|
1993
|
7,403,498
|
6,117,171
|
2,266,104
|
551,584
|
1994
|
7,220,631
|
6,750,238
|
2,203,929
|
460,735
|
1995
|
7,810,546
|
6,512,956
|
2,395,588
|
391,258
|
1996
|
8,385,886
|
7,211,909
|
2,488,750
|
465,442
|
1997
|
9,068,728
|
7,489,969
|
2,638,068
|
396,785
|
1998
|
8,319,682
|
7,464,925
|
2,429,468
|
462,459
|
1999
|
10,553,918
|
8,912,395
|
3,025,690
|
549,893
|
2000
|
10,842,095
|
9,081,553
|
3,162,760
|
520,280
|
2001
|
11,803,788
|
10,624,830
|
3,367,710
|
668,606
|
2002
|
11,909,298
|
10,886,259
|
3,268,635
|
698,445
|
Source: Department of Statistics, Malaysia: (1975-1985 for production) (1975-1989 for export).
: MPOB: (1986-2002 for production) (1990-2002 for export).
In the past decades, the global supply of palm oil has quadrupled. Malaysia continues to be the largest palm oil producer and dominant global supply of palm oil with almost half of the world’s production in 2001. This information is clearly shown in the export data. Table 1.2 indicates that the production of CPO increased from 1990 to 2001, except for the year 1998. This was due to worldwide moisture stress brought by the El Nino phenomenon that coincidentally occurred at a time when the palm trees were facing cyclical stress. As such, the decline in world production has driven up the premium on palm oil price.
Table 1.2: World Major Producers of Palm Oil, 1980-2001 (‘000 tonnes)
1980
|
1990
|
1995
|
1997
|
1998
|
1999
|
2000
|
2001
|
|
Malaysia
|
2576
|
6095
|
7221
|
9069
|
8319
|
10554
|
10842
|
11804
|
Indonesia
|
691
|
2413
|
4008
|
5380
|
5100
|
6250
|
7000
|
7480
|
Nigeria
|
433
|
580
|
640
|
680
|
690
|
720
|
740
|
750
|
Colombia
|
74
|
226
|
353
|
441
|
424
|
501
|
524
|
547
|
Thailand
|
13
|
232
|
316
|
390
|
405
|
495
|
525
|
535
|
Others
|
1017
|
1468
|
2672
|
1943
|
1981
|
2111
|
2194
|
2239
|
Total
|
4804
|
11014
|
15210
|
17903
|
16919
|
20631
|
21825
|
23355
|
Source: Adapted from Oil World Annual & MPOB (2002)
1.1 HISTORY OF PALM OIL
Elaeis guineensis Jacq. which is commonly known as the oil palm is the most important species in the genus Elaeis which belongs to the family Palmae. The oil palm is an erect monoecious plant that produces separate male and female inflorescences. In the past, oil palm was thought to be wind pollination and owing to the low level of natural pollination, assisted pollination is a standard management practice in plantations.
Cultivars or races of E. guineensis can be differentiated by their fruit pigmentation and characteristics; the most common cultivars being the Dura, Tenera and Pisifera which are classified according to endocarp or shell thickness and mesocarp content. According to Hartley (1988), the four palms that were planted in the Botanic Gardens in Bogor in 1848 were duras; their seeds were the origin of the famous Deli dura palms that were established in Deli district in Sumatra in 1881. The Deli duras provided the foundation for development of planting materials used by the industry in Malaysia and other oil palm growing countries. As pisifera palms are predominantly female sterile, they cannot be exploited for commercial planting. They are instead used for crossing with the dura palm to produce the tenera (DxP) hybrid (Plate 3) after M. Beirnaert discovered the single gene inheritance of shell thickness in 1939 in the then Belgian Congo (Zaire). This discovery was the cornerstone for the industry and it paved the way for breeding and selection and production of high yielding DxP planting materials.
The palm oil industry has since undergone two further phases, from 1970 with the expansion of large scale planting in Sabah and Sarawak and from around 1995 when Malaysian extended their upstream operations off-shore, particularly to Indonesia where is there is adequate supply of workers and availability of land for plantation development and cost of production is lower than in Malaysia.
In December 2006, the Malaysian government initiated merger of Sime Darby Berhad, Golden Hope Plantations Berhad and Kumpulan Guthrie Berhad to create the world’s largest listed oil palm plantation player. In a landmark deal valued at RM31 billion, the merger involved the businesses of eight listed companies controlled by Permodalan Nasional Berhad (PNB) and the Employees Provident Fund (EPF). A special purpose vehicle, Synergy Drive Sdn Bhd, offered to acquire all the businesses including assets and liabilities of the eight listed companies. With 543,000 hectares of plantation land bank, the merger resulted in the new oil palm plantation entity that could produce 2.5 million tonnes of palm oil or 5% of global production in 2006. A year later, the merger completed and the entity was renamed Sime Darby Berhad.
1.2 PROBLEM STATEMENT
Inflation caused the price of palm oil to be increased. The goal of this study is to help the government to understand the real caused of increasing price of palm oil especially during the export process.
1.3 RESEARCH QUESTION
Research questions are used as guidelines in conducting this study. The aims are to clarify and formulate objectives or hypothesis. The research questions are as follow:
1. Does inflation rate may influence price of palm oil?
2. Does price of crude oil influence price of palm oil?
3. Does the import of palm oil influence price of palm oil?
1.4 OBJECTIVES
This study can be divided into two objectives:
1.4.1 General objectives
To determine the factors that give impacts on the palm oil price in Malaysia.
1.4.2 Specific objectives
(1) To investigate the effect of crude oil price and import of palm oil on the price of palm oil.
(2) To compare the effect of the inflation rate, crude oil price and import of palm oil on the price of palm oil.
CHAPTER 2
LITERATURE REVIEW
2.1 INTRODUCTION
This chapter involves the literature review on the independent variables and dependent variables include inflation rate, crude oil price, import of palm oil and palm oil price. This chapter will also include the theoretical framework of the study. The first section of the chapter represents all reviews separated by each variable. It then followed by the relationship between the independent variables and dependent variables. In the next section, a developed theoretical framework is presented. The study will be conducted to understand and have knowledge about the relationship between inflation rate, crude oil price and import of palm oil and how these variables affect the price of palm oil.
2.2 PALM OIL PRICE
Palm oil price always changes due to some situation happened. A change in the price or a change in the profitability of producing one good relative to another can disturb the state of equilibrium. When this disturbance occurs, it is reflected in the reaction of price, and the equilibrating process is activated. According to Goodwin & Drummond, price and inventories will stabilize at new levels and the production (supply) and consumption (demand) flow will again be equalized (1982). Export earnings from palm oil exceed RM6.3 billion in 1993 ti=o RM12.89 billion in 1997, making Malaysia’s major exports.
2.3 INFLATION RATE
2.3.1 Relationship between inflation rate and palm oil price
Inflation is when the prices of most goods and services continue to creep upward. It is measured by the Consumer Price Index (CPI). Inflation can affect different parts of the economy at different times. For example, oil prices move up and down rapidly, because they are driven by the bids in the price of oil future contents. As a result, gas price is also very volatile.
The forces of inflation are certainly destroyers of wealth and the higher the rate of inflation, the more wealth that is lost. A high rate of inflation is more destructive to some types of investments than to other (Barrett&Blair, 1982). During the time of rapid inflation, when the purchasing power of dollar decline sharply, there may be a “flight from dollars”. Under these conditions, an investment of about any physical good is considered to be a hedge against inflation.
As a result, the price of palm oil will increase if the problem of inflation had occurred. This means that there is a relationship between the inflation rate and the price of palm oil. Inflation rate affects the price of palm oil.
2.4 CRUDE OIL PRICE
2.4.1 Relationship between crude oil price and palm oil price
Crude oil is the input of palm oil. Schrimper states that changes in the price of inputs can also cause a change in the marginal cost of production (2001). Depending on whether the input price increase or decrease a supply curve could shift to the left or shift to the right resulting in an increase in supply. If the input price increase, it will cause higher marginal costs and a decrease in supply.
The price of palm oil will increase if the prices of its input, crude oil increase. Therefore, there is a relationship between crude oil price and palm oil price. According to Abbott & Makehan (1979), price fluctuation at the wholesale level has a decisive influence on the price which tries to sell in accordance with the price they have paid to the wholesaler.
2.5 IMPORT OF PALM OIL
2.5.1 Relationship between the import of palm oil and palm oil price
Palm oil price will increase if it had been imported from other countries. The increased demand for palm oil will lead to a shortage of palm oil. The government will find a way to overcome this shortage. As a result, the government made the decision to import palm from outside to fulfill the demand for palm oil. According to Cramer & Jensen(1982), changing economic conditions, in total market supply and demand cause frequent price adjustments in both resource and product markets.
Much the better solution if it accurately reflects the expectation of reality is to assume that all prices on both the cost side and the benefit side will rise uniformly by the same proportion and that therefore they will not change their relative values (Gittinger, 1972).
Therefore, the increase the number of imports of palm oil, the higher the price of palm oil. This means that, there is relationship between the import of palm oil and the price of palm oil.
2.6 THEORETICAL FRAMEWORK
CHAPTER 3
METHODOLOGY
3.1 INTRODUCTION
There are only two types of design in order to compute this methodology which are Coefficient of Determination and F-Statistics. Firstly, R2 which is the coefficient of determination is the square of the correlation coefficient.’ It measures the proportion of the variance in the dependent variable which explained by the independent variable’ (Aron, Johnson, & Buse, 1989). Its value may vary from zero to one. It may be interpreted directly as the proportion of variance in the dependent variable and the variable can be accounted for by the regression equation. Secondly, F-test is any statistical test in which the test statistic has an F-distribution under the null hypothesis. It is most often used when comparing statistical models that have been fit to a data set, in order to identify the model that best fits the population from which the data were sampled. Purpose of F-test is to perform a two sample F test to determine whether the two standard deviations are equals.
3.2 RESEARCH OBJECTIVES
The research objectives are to determine what the factors that affect price of palm oil are. Besides, it also determines whether inflation rate, crude oil price and import of palm oil affect the price of palm oil.
3.3 DATA COLLECTION
3.3.1 Scope of study
The research will conducted in Malaysia which focuses on 28 years of data started from 1975 to 2002. This study is to investigate the impact of inflation on Malaysian palm oil price.
3.3.2 Data collection process
In this study, there is no questionnaire method used. All the data used in this study, depend on the fact data.
3.3.3 Sources of data
There are two types of data sources which are primary sources and secondary sources. In this study, the data used is secondary data which means that the data is collected from the previous researcher who already done the research. Secondary data is a fact data that are already available and had been stored as a reference sources in a department. In this research, the data and sources are taken from printed material. There are books, journal, magazine, internet and case study (Sekaran, 2003). In this study, the sources used for the data collected are from books, journals and internet. All these sources can be get from public libraries.
3.3.4 Research variable
In this study, there are two types of variables used which are independent variable and dependent variable. The independent variables are inflation rate, crude oil price and import of palm oil. On the other hand, the dependent variable in this study will be price of palm oil. The purpose of this study is to examine the relative important for the independent variables. Hence, the type of this research of this study is descriptive study.
3.4 HYPOTHESES
3.4.1 Hypotheses 1 (Inflation rate and price of palm oil)
H0 = Price of palm oil is not affected by inflation rate
Ha = Price of palm oil is affected by inflation rate
3.4.2 Hypotheses 2 (Crude oil price and price of palm oil)
H0 = Price of palm oil is not affected by crude oil price
Ha = Price of palm oil is affected by crude oil price
3.4.3 Hypotheses 3 (Import of palm oil and price of palm oil)
H0 = Price of palm oil is not affected by the import of palm oil
Ha = Price of palm oil is affected by the import of palm oil
3.5 DATA ANALYSIS
In order to obtain a different value of the variable, the researcher is using Coefficient of Determination, R2 and F-Statistic (F-Test).
3.5.1 Coefficient of determination, R2
It is the square of the correlation coefficient. It measures the proportion of the variance in the dependent variable which explained by the independent variable (Aron C. Johnson, Johnson, & Buse, 1989). Its value may be interpreted directly as the proportion of variance in the dependent variable and the variance can be accounted for by the regression equation.
This coefficient of determination is computed using either the variance of the errors of prediction or the variance of the predicted values in relation to the variances of the observed values on the defendant variable. The coefficient of determination, r2, is useful because it gives the proportion of the variance (fluctuation) of one variable that is predictable from the other variable. It is a measure that allows us to determine how certain one can be in making predictions from a certain model/graph.
*where ESS = Sum of squared residuals and TSS = Total of sum squares
The coefficient of determination is usually expressed as a percentage. An easier way to find R2 is by squaring the correlation coefficient. If R = 0.70, R2 = 0.49. This means that 49% of the variation in the dependent variable is accounted for by the variations in the independent variable while the rest of the variation, 51% is unexplained variations.
If the value of R2 is small, then the proportion of variation in Y is very much affected by random errors and not so much by the variations in X. If this takes place, then the regression model cannot be considered as a good model. For instance, if the coefficient of determination R2 is equal to 0.70, it means that the proportion of variation Y that is explained by the model is 0.70 or 70% while the other 0.30 or 30% is caused by random errors.
In case like coefficient correlation, if the value gets near to 0 then a value of 0 simply means that there is no relationship between the variables involved. The coefficient of determination is such that 0 < r2 < 1, and denotes the strength of the linear association between x and y. The coefficient of determination represents the percent of the data that is the closest to the line of best fit. For example, if r = 0.922, then r2 = 0.850, which means that 85% of the total variation in y can be explained by the linear relationship between x and y (as described by the regression equation). The other 15% of the total variation in y remains unexplained.
The value of r is such that -1 < r < +1. The + and – signs are used for positive linear correlations and negative linear correlations, respectively.
Ø Positive correlation: If x and y have a strong positive linear correlation, r is close to +1. An r value of exactly +1 indicates a perfect positive fit. Positive values indicate a relationship between x and y variables such that as values for x increase, values for y also increase.
Ø Negative correlation: If x and y have a strong negative linear correlation, r is close to -1. An r value of exactly -1 indicates a perfect negative fit. Negative values indicate a relationship between x and y such that as values for x increase, values for y decrease.
Ø No correlation: If there is no linear correlation or a weak linear correlation, r is close to 0. A value near zero means that there is a random, nonlinear relationship between the two variables
Note that r is a dimensionless quantity; that is it does not depend on the units employed.
A perfect correlation of ± 1 occurs only when the data points all lie exactly on a straight line. If r = +1, the slope of this line is positive. If r = -1, the slope of this line is negative.
A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally described as weak. These values can vary based upon the "type" of data being examined. A study utilizing scientific data may require a stronger correlation than a study using social science data.
3.5.2 F-Statistics (F-Test)
F-Test is any statistical test in which the test statistic has an F-distribution under the null hypothesis. It is most often used when comparing statistical models that have been fit to a data set, in order to identify the model that best fits the population from which the data were sampled. Purpose of F-Test is to perform a two sample F-Test to determine whether the standard deviations are equals.
Exact F-Tests mainly arise when the models have been fit to the data using least squares. F-Statistic is used to test joint hypothesis about regression coefficient. An F-Test is normally a test for the joint hypothesis that a number of coefficients are zero. Large values generally reject the hypothesis, depending on the level of significance required.
The formulas for the F-Statistic are integrated into modern regression software. ‘The overall regression F-Statistic tests the joint hypothesis that the entire slope coefficients are zero’ (Stock & Watson, 2003). That is, the null and alternative hypotheses are:
H0 : B1 = 0, B2 = 0, …. BK = 0 vs.
Ha : Bj ≠ 0, at least one j, j = 1, … k
For example, the F-test tool can be used on samples of times in a swim meet for each of two teams. The tool provides the result of a test of the null hypothesis that these two samples come from distributions with equal variances against the alternative that the variances are not equal in the underlying distributions.
The tool calculates the value f of an F-statistic (or F-ratio). A value of f close to 1 provides evidence that the underlying population variances are equal.
In the output table, if f < 1 “P(F <= f) one-tail” gives the probability of observing a value of the F-statistic less than f when population variances are equal and “F Critical one-tail” gives the critical value less than 1 for the chosen significance level, Alpha.
If f > 1, “P(F <= f) one-tail” gives the probability of observing a value of the F-statistic greater than f when population variances are equal and “F Critical one-tail” gives the critical value greater than 1 for Alpha.
3.6 CONCLUSION
Under this chapter, it describes what methodology used for and explains the research method adopted in this study. It focuses on the statistical analysis used to interpret the data obtain from the sources.
CHAPTER 4
CONCLUSION AND RECMMENDATIONS
4.1 CONCLUSION
The researcher undertook this study to understand the relationship between inflation rate, crude oil price and import of palm oil on the price of palm oil in Malaysia. The research analysis data provide important information for the traders and government in the process of palm oil trade business.
First, the research confirmed that, the inflation rate have a significant relationship on the price of palm oil. It had been measured by Coefficient of determination, R2 and F-Statistics (F-Test). Second, the research also confirmed that, the crude oil price have a significant relationship on price of palm oil. As the input price of palm oil has been found to be important to the traders, research about the price of input also had been done. Hence, the crude oil prices affect the price o palm oil. Third, from previous discussion also notes some significant relationship were evident in the proposed model, as expected, although some others were not expected.
Finally, it can be concluded that mostly, the price of palm oil are being affected by the inflation rate, crude oil price and the import of palm oil. From the descriptive statistics done by the researcher it also can give benefit to the traders and government especially during planning or stating the palm oil price.
4.2 RECOMMENDATION
There is clear need to states the price in a reasonable price. This research demonstrates the existence of inflation rate, crude oil price and import of palm oil. Government and traders must understand and have knowledge about the price of palm oil whether the price increase or decrease.
To enhancing the productivity of palm oil, there are several efforts to be undertaken through the utilization of high yielding clones and improvements in agronomic practices among smallholders and plantations as well as increased mechanization. In addition, the provision of adequate support services and infrastructure in the agricultural production areas is expected to further improve productivity in the sector. Productivity will also be increased through wider application of the latest technology and knowledge based production systems. To ensure quality control and high standards in oil palm plantations as well as improve productivity, efforts will be geared towards encouraging plantations to adopt international standards. Adequate credit facilities will be provided to encourage smallholders to replant oil palm trees, which are over 25 years old with high yielding clones.
The palm oil industry will be encouraged to expand its activities overseas, particularly in countries with high demand for palm oil and derivatives. Collaboration between the palm oil industry and research institutions will be further intensified to accelerate the commercialization of R&D findings to widen the base for new product development and improve manufacturing processes. Commercialization of oil palm biomass products and biofuel will be expedited through greater private sector participation. Research on palm oil will focus on the utilization of advanced oleochemical technology and biotechnology including nutraceutical and pharmaceutical products. Besides, the creation of palm oil refining industry can lead to and increasing the productivity of palm oil. The most important development to promote and to expand the export of palm oil from Malaysia was the creation of the Malaysia palm oil refining industry. Some procedures clearly realized that it was no longer possible to export the growing supply of crude palm oil, without being totally dependent on the edible oil reefing industries in Europe and USA.
Therefore, the government has to take steps to improve palm oil prices, to increase competitiveness and to reduce the stock of palm oil in the market. High crude palm oil prices boost earnings of plantation companies. In addition, grant has to be given to encourage replanting programmed that expect tree stress period every three to four years. Besides, research on palm oil to identify and widen the uses of palm oil is essential to ensure that the country’s competitive edge is maintained.
BIBLIOGRAPHY
Aaron C. Johnson, J., Johnson, M. B., & Buse, R. C. (1989). Econometrics Basic and Applied. New York: Macmillon Publishing Company.
Abbott, J. C., & Makehan, J. P. (1979). Agricultural Economics and Marketing in the TROPICS. England: Longman Group Ltd.
Barrett, G. V., & Blair, J. P. (1982). How to conduct and analyze real estate market and feasibility studies. New York: Van Nostrand Reinhold Company.
Cramer, G. L., & Jensen, C. W. (1982). Agricultural Economics & Agribusiness. Canada: John Wiley & Sons Inc.
Gittinger, J. P. (1972). Economic Analysis of Agricultural Projects. London: The Johns Hopkins University Press.
Goodwin, J. W., & Drummond, H. E. (1982). Agricultural Economics. Virginia: Reston Publishing Company.
Lehar, H. (2008). The Malaysian Economy: Past and Present. Selangor: University Publication Centre (UPENA).
Malaysia Department of Statistics, (1989)
Ninth Malaysia Plan (2006-2010)
Oil World Annual & MPOB (2002)
Ragupathy, K. (1992). Facing 2020, The Challenges to the Plantation Industry. Kuala Lumpur: Institute of Strategic and International Studies (ISIS) Malaysia.
Schrimper, R. A. (2001). Economics ofAgricultural Markets. New Jersey: Prentice-Hall Inc.
Sekaran, U. (2003). Research Method for Business. Southern Illinois University at Carbondale: John Wiley & Sons, Inc.
Stock, J. H., & Watson, M. W. (2003). Introduction To Econometrics . Boston : Perason Education , Inc.
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