Malaysia’s palm oil exports down 10% in June
Malaysia’s palm oil exports in June fell 10.52% to 1.26 million tonnes from 1.41 million tonnes in May, according to data released by the Malaysian Palm Oil Board (MPOB).
The agency’s latest industry performance report also said the country produced 1.69 million tonnes of crude palm oil (CPO) last month, down 4.48% from 1.77 million tonnes in the previous month.
Palm kernel production fell 5.66% month-on-month to 396,800 tonnes.
Meanwhile, crude palm kernel oil production fell 8.48% month-on-month to 192,000 tonnes, while palm kernel cake production fell 7.85% month-on-month to 213,000 tonnes.
In terms of stocks, MPOB reported that CPO stocks fell by 5.42% to 1.04 million tonnes in June from 1.10 million tonnes in May, while processed palm oil stocks rose by 12.19% month-on-month to 988,000 tonnes.
Thus, total palm oil stocks in June stood at 2.03 million tonnes from 1.99 million tonnes in May.
Palm kernel oil exports fell by 27.60% to 86,000 tonnes from 119,000 tonnes in May.
Earlier, it was reported that the European Free Trade Association (EFTA) significantly reduced duties on palm oil imports from Malaysia. The agreement stipulated a tariff reduction of 20-40%, however, EU palm oil imports for the season showed a decline due to biofuel quotas.
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