Malaysia sees 6.32 percent decline in palm oil stocks last month
Date
11/11/2024 7:16:03 AM
(MENAFN) Malaysia, the second-largest palm oil producer in the world, experienced a decline in its palm oil stocks at the end of October. Official data released on Monday showed that the country’s palm oil reserves fell by 6.32 percent from the previous month, dropping to 1.88 million tons. This reduction reflects broader trends in Malaysia's palm oil industry, which has been affected by various factors, including production rates and export activities.
According to the Malaysian Palm Oil Board, the country's crude palm oil production also saw a slight dip in October. The output decreased by 1.35 percent compared to the previous month, reaching 1.8 million tons. The drop in production is noteworthy, as Malaysia continues to deal with challenges in its agricultural sector, such as labor shortages and weather-related disruptions, which have impacted its overall yield.
In contrast to the decrease in stocks and production, Malaysia's palm oil exports showed a positive performance during October. The country’s exports of palm oil rose by 11.07 percent month-on-month, reaching a total of 1.73 million tons. This increase highlights the ongoing global demand for palm oil, particularly from key markets in Asia and beyond. Despite challenges in production, Malaysia has been able to maintain a robust export level, driven by its competitive pricing and large-scale production capacity.
The data also revealed a significant surge in Malaysia's palm oil imports, which rose by 198.19 percent from the previous month to 16,347 tons. This sharp increase in imports suggests a shift in Malaysia’s domestic needs, possibly reflecting adjustments in local refining operations or other market conditions. These trends indicate a dynamic and evolving palm oil market in Malaysia, where production, export, and import activities are continuously influenced by global demand, supply chain shifts, and domestic factors.
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