Malaysian palm oil exports have experienced a decline in the first half of November 2024, according to data from various cargo surveyors and export inspection companies. This marks a significant drop compared to the strong export performance of October.

• SGS, one of the leading cargo surveyors, reported a 16.47% decrease in exports, from 712,323 tonnes in the first half of October to 595,007 tonnes in the same period of November, a drop of 117,316 tonnes.

• Intertek Testing Services (ITS) noted a 7.33% decline, estimating exports to fall by 58,905 tonnes, from 803,252 tonnes in early October to 744,347 tonnes in the first half of November.

• Amspec, another inspection company, reported a decrease of 6%, with exports falling by 45,170 tonnes from 753,102 tonnes in early October to 707,932 tonnes in November.

This drop in palm oil exports is attributed to the end of the festive season in India, which typically sees a surge in imports, and the high prices of palm oil in Malaysia and Indonesia. In October, Malaysia had seen a significant 11% rise in palm oil exports, reaching over 1.73 million tonnes. However, with reduced demand post-festival and relatively high prices, exports are expected to continue declining throughout November.