Malaysia is expected to export 14.90 lakh tonnes of palm oil in September

08-Oct-2024 04:38 PM

Kuala Lumpur. The estimates made by Malaysian industry and trade sector analysts for the production, import, export, domestic use and outstanding stock of palm oil for the month of September are smaller than the figures of August. According to the analyses, Malaysia produced 18.58 lakh tonnes of palm oil in September which is 2 percent less than the production of 18.94 lakh tonnes in August. The August figures are of Malaysian Palm Oil Board (APPOB) which are considered official.

According to industry and trade analysts, compared to August, the export of palm oil products from Malaysia during September is likely to shrink by 2.3 percent from 15.25 lakh tonnes to 14.90 lakh tonnes, while on the other hand, its domestic use is expected to jump 40 percent from 2.50 lakh tonnes to 3.50 lakh tonnes in the same period. There, palm oil imports fell by 57 percent from 90 thousand tons in August to 38 thousand tons in September. Due to the above reasons, the total outstanding surplus stock of palm oil products in Malaysia is likely to remain at 18.83 lakh tons in August.

It is worth mentioning that after Indonesia, Malaysia is the second largest producer and exporter of palm oil and India is the biggest buyer of its palm oil products. The Indian government last month increased the import duty on palm oil by 20 percent, while there are signs of a significant decrease in imports. Malaysia hopes that despite the increase in customs duty, palm oil imports will continue in India.

The official data of the government body - Malaysian Palm Oil Board (AMPOB) is going to come out in the current week itself, in which a detailed description of palm oil production, import-export and outstanding stock etc. will be given. Only after this the picture will become clear.