Malaysia’s palm oil stocks decline to 1.71 million tonnes in March

KUALA LUMPUR: Malaysia’s total palm oil stocks were reduced by 10.68% to 1.71 million tonnes in March from 1.92 million tonnes in February, according to the Malaysian Palm Oil Board (MPOB).

In its industry performance report for March 2024, MPOB said the country’s crude palm oil (CPO) stocks decreased 22.22% to 797,974 tonnes in March from 1.03 million tonnes recorded in February.

Meanwhile, processed palm oil stocks increased 2.56% to 916,999 tonnes in March from 894,131 tonnes previously, it said.

On CPO production, MPOB said it grew 10.57% to 1.39 million tonnes in March from 1.26 million tonnes in the preceding month, while palm kernel output rose 13.98% to 343,850 tonnes from 301,671 tonnes in February.

On exports, MPOB said palm oil exports rose 28.61% to 1.32 million tonnes in March from 1.02 million tonnes in February, but biodiesel exports slid 46.13% to 15,825 tonnes in March from 29,378 tonnes in February.

Oleochemical export inched up 0.61% to 256,811 tonnes in March from 255,241 tonnes previously.

Exports of palm kernel oil surged 48.08% to 82,389 tonnes last month from 55,639 tonnes in February, while export of palm kernel cake improved 38.23% to 188,262 tonnes in March from 136,195 tonnes a month before.

On imports, MPOB said palm oil imports in the month went down 32.75% to 21,894 tonnes in March from 32,556 tonnes in the previous month, while processed palm oil imports shrank 8.64% to 21,894 tonnes versus 23,964 tonnes in February.

Total palm kernel oil imports jumped 157.70% to 11,686 tonnes in March from 4,535 tonnes in February, while no CPO import was recorded for March compared with 8,592 tonnes imported in February. – Bernama