Malaysia exports over 16.89 lakh tonnes of palm oil products in July

13-Aug-2024 04:51 PM

Singapore. Malaysia, the world's second largest palm oil producer and exporter after Indonesia, saw its exports of this important vegetable oil jump nearly 40 per cent to over 16.89 lakh tonnes in July 2024 as compared to June.

During the period under review, crude palm oil production also increased by about 14 per cent, but due to better export performance, the outstanding stock of palm oil declined by more than 5 per cent.

According to the latest report of the government body - Malaysian Palm Oil Board (Ampob), Malaysia's palm oil production increased by 13.97 per cent to 18,40,999 tonnes during July as compared to June,

but its stock fell by 0.36 per cent to 9,21,859 tonnes. Similarly, the outstanding surplus stock of processed palm oil (refined palm oil and RBD palmolein etc.) also declined by 10.45 percent to 8,11,360 tonnes.

Thus, the total stock of palm oil declined by 5.35 percent to 17,33,219 tonnes. But the stock of palm kernel oil increased by 1.57 percent to 3,31,842 tonnes.

According to the report of Ampob, the total export of palm oil products from Malaysia during July 2024 jumped to a high of 16,89,365 tonnes, which was 39.92 percent more than the weak shipment of June. On the other hand, import of palm oil from abroad in Malaysia fell by 10.69 percent to 10,483 tonnes.

Crude palm oil futures on the Kuala Lumpur-based Bursa Malaysia Derivatives (BMD) exchange have weakened but are expected to recover slightly following reports of strong export performance in July and fall in stocks.