Palm oil stocks up in August, exports down, reports MPOB

A worker collects palm oil fruit inside a palm oil factory in Sepang November 13, 2017. — Reuters pic
A worker collects palm oil fruit inside a palm oil factory in Sepang November 13, 2017. — Reuters pic

KUALA LUMPUR, Sept 12 — Malaysian palm oil saw an increase in stocks and output in August 2018 but registered a drop in exports, according to the Malaysian Palm Oil Board (MPOB).

Total palm oil stocks rose 12.37 per cent to 2.488 million tonnes from 2.214 million tonnes in July where processed palm oil accounted for 1.223 million tonnes and crude palm oil stocks stood at 1.265 million tonnes.

In a statement on the monthly performance of palm oil in August, MPOB said in terms of production, crude palm oil output rose 7.92 per cent to 1.622 million tonnes in the month under review, while palm kernel was up 10.27 per cent to 398,309 tonnes and crude palm kernel oil increased 2.54 per cent to 179,917 tonnes.

During the month, exports of palm oil fell 8.11 per cent to 1.099 million tonnes while oleochemicals declined 6.98 per cent to 246,588 tonnes. — Bernama

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