Malaysia's palm oil exports fell by 12.8 percent in June

10-Jul-2024 09:05 PM

Kuala Lumpur. The latest data released by the government body - Malaysian Palm Oil Board (Ampob) shows that during the month of June, compared to May,

the export of palm oil from Malaysia fell by 1.77 lakh tons or 12.82 percent from 13.82 lakh tons to 12.05 lakh tons. On the contrary,

the export of palm kernel oil improved from 88 thousand tons to 91 thousand tons and palm kernel oil increased from 1.47 lakh tons to 2.13 lakh tons. On the other hand,

compared to May, the import of palm oil and palm kernel oil in June decreased from 58 thousand tons to 35 thousand tons. During the month of May, 17.04 lakh tons of crude palm oil (CPO) was produced in Malaysia,

which decreased by 5.23 percent to 16.15 lakh tons in June. In June 2024, CPO production is estimated to be 9.53 lakh tonnes in Peninsular Malaysia, 3.27 lakh tonnes at the weekend and 3.36 lakh tonnes in Sarawak province. Apart from this, 3.68 lakh tonnes of palm kernel and 1.71 lakh tonnes of crude palm kernel oil were also produced. 

Despite the decline in production, the outstanding surplus stock of palm oil in Malaysia increased as exports declined more than that.

According to data from Ampob, Malaysia had an outstanding surplus stock of 17.53 lakh tonnes of palm oil at the end of May,

which increased by 4.35 percent to 18.29 lakh tonnes at the end of June. Although the outstanding stock of CPO fell from 9.79 lakh tonnes to 9.25 lakh tonnes during the month under review,

the stock of processed palm oil (refined palm oil and RBD palmolein) increased from 7.74 lakh tonnes to 9.04 lakh tonnes. It is noteworthy that after Indonesia, Malaysia is the second largest producer and exporter of palm oil in the world.