PALMOILMAGAZINE, KUALA LUMPUR – Palm Oil Reserves in Malaysia Surge to Over 2 Million Tons, Reaching a Two-Year Peak Due to Rising Production and Declining Exports.
According to the Malaysian Palm Oil Board (MPOB), in August 2023, palm oil reserves experienced a notable 23% month-on-month surge, reaching 2.12 million tons.
This increase marked the most significant production boost since August 2021 and the highest level observed since January.
The numbers surpassed the survey stock that Bloomberg predicted that reached 1,90 million tons.
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Head of Research of Sunvin Group in Mumbai, Anilkumar Bagani said that the increasing stock was a surprise and clearly delivered negative impacts to palm oil (sector) because the final stock increased in ‘shock’ numbers to July.
“Because the exports decreased and domestic consumption did too, 27% to be about 251,000 tons,” he said, as quoted from Bloomberg.
Crude palm oil (CPO) production increased 8,9% to the highest level in the past ten months to be 1,75 million tons compared to what Bloomberg surveyed that reached 1,73 million tons. MPOB report showed that palm oil production in Malaysia increased for the second month in August after increasing 11,2% in July. (T2)
