KUALA LUMPUR, Sept 11 — Malaysia’s total palm oil stocks surged by 22.54 per cent to 2.12 million tonnes in August 2023 from 1.73 million tonnes in the preceding month, according to the Malaysian Palm Oil Board (MPOB).

In its latest industry performance report for August 2023, MPOB said crude palm oil (CPO) inventory rose by 35.45 per cent to 1.20 million tonnes last month from 886,384 tonnes in July and processed palm oil stocks increased by 9.03 per cent to 924,351 tonnes in August from 847,773 tonnes previously.

CPO production improved by 8.91 per cent to 1.75 million tonnes in August from 1.61 million tonnes in the month before and palm kernel output went up by 8.63 per cent to 420,218 tonnes from 386,841 tonnes previously.

MPOB said palm oil exports fell by 9.78 per cent, or 132,522 tonnes, to 1.22 million tonnes in August from 1.35 million tonnes previously while oleochemical exports improved by 11.57 per cent to 255,476 tonnes.

Biodiesel exports strengthened by 19.23 per cent to 20,032 tonnes in August from the preceding month’s 16,801 tonnes.

Exports of palm kernel cake grew 0.80 per cent to 195,987 tonnes from 194,438 tonnes previously and palm kernel oil exports also rose 18.19 per cent to 91,866 tonnes from 77,729 tonnes in July.

There was no CPO import for August while total palm oil imports advanced by 6.53 per cent to 110,621 tonnes compared with 103,837 tonnes in the previous month. — Bernama