Malaysian palm oil stocks up 0.5 pct to 1.75 mln tonnes in May - MPOB

KUALA LUMPUR: Malaysia's total palm oil stocks increased by 0.5 per cent to 1.75 million tonnes in May 2024 from 1.74 million tonnes in April 2024, according to the Malaysian Palm Oil Board (MPOB).

In its May 2024 industry performance report, MPOB said the country's crude palm oil (CPO) stocks rose 1.59 per cent to 979,352 tonnes in May from 964,049 tonnes recorded in April.

"Processed palm oil stocks declined 0.85 per cent to 774,192 tonnes in May from 780,811 tonnes previously," it said.

Meanwhile, it said CPO production gained 13.48 per cent to 1.70 million tonnes in May from 1.50 million tonnes in the preceding month, while palm kernel output surged 11.13 per cent to 408,318 tonnes from 367,420 tonnes in April.

MPOB said palm oil exports were up by 11.66 per cent to 1.38 million tonnes in May versus 1.23 million tonnes in April, but biodiesel exports fell by 40.85 per cent to 20,880 tonnes in May against 35,298 tonnes in April.

Oleochemical exports inched up 9.95 per cent to 256,348 tonnes in May from 233,153 tonnes previously.

"Export of palm kernel oil went up 2.24 per cent to 87,827 tonnes last month from 85,901 tonnes in April, while export of palm kernel cake declined 29.53 per cent to 147,006 tonnes in May from 208,602 tonnes a month before," it said.

On imports, MPOB said both palm oil and processed palm oil were both down by 40.28 per cent to 20,761 tonnes in May from 34,762 tonnes in the previous month.

Total palm kernel oil imports grew 24.02 per cent to 15,842 tonnes in May from 12,774 tonnes in April. No CPO import was recorded in May.

-- BERNAMA

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