Malaysian palm oil exports up 39.9% to 1.69m tonnes in July 2024

Malaysia’s palm oil exports surged 39.92% to 1.69 million tonnes in July 2024 from 1.21 million tonnes in June 2024, according to the Malaysian Palm Oil Board (MPOB).

Oleochemical exports also rose by 24.91% month-on-month (m-o-m) to 270,073 tonnes in July, from 216,219 tonnes previously, the MPOB said in its Malaysian Palm Oil Industry’s Performance report for July 2024.

“Palm kernel oil export went up 18.94% m-o-m to 109,908 tonnes from 92,403 tonnes in June, while export of palm kernel cake rose 1.85% m-o-m to 217,365 tonnes in July, from 213,418 tonnes in the previous month.

“However, biodiesel exports were down by 28.86% m-o-m to 10,345 tonnes in July, against 14,542 tonnes in June,” it said.

MPOB said palm oil stocks fell by 5.35% m-o-m to 1.73 million tonnes in July 2024, from 1.83 million tonnes in June 2024.

“The country’s crude palm oil (CPO) stocks dropped 0.36% m-o-m to 921,859 tonnes in July, from 925,165 tonnes recorded in June, and processed palm oil stocks also decreased by 10.45% m-o-m to 811,360 tonnes, from 906,074 tonnes previously,” it noted.

At the same time, CPO production rose by 13.97% m-o-m to 1.84 million tonnes, from 1.62 million tonnes in June, while palm kernel output was up by 16.17% m-o-m to 427,342 tonnes, from 367,852 tonnes in June.

Palm kernel oil imports surged 101.63% m-o-m to 22,611 tonnes, from 11,214 tonnes in June, while CPO imports stood at 504 tonnes.

“Total processed palm oil imports declined by 14.98% m-o-m to 9,979 tonnes in July from 11,738 tonnes in the previous month, while palm oil imports slid 10.69% m-o-m to 10,483 tonnes in July, from 11,738 tonnes previously,” it added.