Malaysia's palm oil stocks down 21.08% in March

KUALA LUMPUR: Malaysia's total palm oil stocks fell 21.08 per cent to 1.67 million tonnes in March from the 2.12 million tonnes recorded the month before.

The Malaysian Palm Oil Board (MPOB), in its industry performance report for March 2023, said that crude palm oil (CPO) stocks decreased by 23.16 per cent to 891,653 tonnes in March from 1.16 million tonnes in February.

Processed palm oil stocks declined 18.56 per cent to 781,391 tonnes from 959,451 tonnes previously.

CPO production, however, rose 2.77 per cent to 1.29 million tonnes in March from 1.25 million tonnes in February, while palm kernel output gained 2.20 per cent to 323,743 tonnes from 316,781 tonnes.

"Palm oil exports increased by 31.76 per cent in March to 1.49 million tonnes from 1.13 million tonnes in February while exports of oleo-chemicals appreciated by 14.28 per cent to 261,049 tonnes," it said.

MPOB said biodiesel exports in March jumped 118.56 per cent to 32,127 tonnes from the preceding month at 14,699 tonnes while exports of palm kernel cake eased 7.93 per cent to 193,093 tonnes.

Palm kernel oil exports went up 39.43 per cent in March to 83,503 tonnes from 59,888 tonnes in February.

CPO imports in March remained at 5,895 tonnes while total palm oil imports slipped by 24.25 per cent month-on-month to 39,772 tonnes from the preceding month. - Bernama