Malaysia’s palm oil exports rose by 21.16% to 1.47 million tonnes in September against the previous month, in line with the expected increase in the commodity export value this year.
Year-on-year (yoy), the palm oil export for Sept this year reflected a 10.9% climb compared with the same month last year.
According to a report by Bernama, Malaysia’s palm oil exports are expected to reach RM65.2bil this year from RM49.5bil in 2009.
Plantation Industries and Commodities Minister Tan Sri Bernard Dompok was quoted as saying that the forecast was based on the growth in output and export volumes.
“In the first nine months, palm oil production rose 2% to 11.10 million tonnes while exports increased nearly 6% to 10.94 million tonnes compared with the corresponding period last year,” said Dompok.
Also, the latest monthly statistics for released by the Malaysian Palm Oil Board yesterday showed the exports of palm kernel oil increased by 41.44% to 114,224 tonnes, palm kernel cake rose by 95.54% to 252, 749 tonnes and biodiesel advanced 11% to 10,011 tonnes for September on a month-on-month (m-o-m) basis.
Only oleochemicals exports slid, going down by 7.16% to 170,521 tonnes in September m-o-m. But the increase in exports did not entirely correspond with the country’s palm oil inventory where the total palm oil stock in September marginally increased by 0.23% to 1.71 million tonnes m-o-m.
Also, crude palm oil (CPO) stock rose by 18.88% to 929,225 tonnes in September m-o-m.
But this inventory could be counter balanced by the lower production of palm oil in general that included CPO, palm kernel, crude palm kernel oil and palm kernel cake in September against the previous month. CPO production went down by 2.72% to 1.56 million tonnes last month against August.
CPO three-month futures added RM165 to RM2,925 per tonne yesterday.
Early this month, it was reported that CPO prices were expected to hover around RM2,950 a tonne in the next three months as long as the prices stayed above the RM2,600 support level.
Malaysia is the second largest palm oil producer globally after Indonesia.
Source: The Star