PALMOILMAGAZINE, KUALA LUMPUR – The Malaysian Palm Oil Board (MPOB) reported a 2.9% increase in crude palm oil (CPO) production in August 2024, reaching 1.89 million tons, up from 1.84 million tons in July 2024.
In addition to the rise in CPO production, palm kernel production also grew by 6.7%, reaching 455,976 tons in August, compared to 427,342 tons in July. Crude palm kernel oil production increased by 0.7%, totaling 207,194 tons, up from 205,829 tons the previous month. Palm kernel meal saw a slight increase of 0.3%, reaching 227,302 tons.
CPO stockpiles rose by 2.5%, reaching 953,145 tons, compared to 930,099 tons in July. “Processed palm oil inventories surged more significantly, with a 12.8% increase to 930,069 tons, bringing the total palm oil stock in the country up by 7.3%, reaching 1.88 million tons in August,” MPOB stated, as quoted by Palmoilmagazine.com from Bernama on Wednesday, September 11, 2024.
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Even though the production got increasing, the exports did decrease. MPOB noted, palm oil exports got decreased 9,7 percent to be 1,53 million tons from 1,69 million tons in July. Palm kernel export did significantly decrease 20,7 percent to be 87.167 tons, while palm kernel meal got decreased 20 percent to be 173.845 tons.
Biodiesel exports significantly increased three times from 10.345 tons in July to be 29.963 tons in August. Oleochemical exports did too 1,2 percent to be 273.395 tons.
Malaysia significantly decreased the imports to be zero percent in August after they reached 504 tons in the previous month. Processed palm oil imports got decreased 0,1 percent to be 9.970 tons and palm oil total imports decreased 4,9 percent to be 9.970 tons. Palm kernel imports drastically did decrease 39,3 percent to be 13.726 tons. (P2)
