12-3-2024 (KUALA LUMPUR) Malaysia, renowned as the world’s second-largest palm oil producer, witnessed a decline in palm oil stocks during February, driven by a drop in crude palm oil (CPO) production, according to data released by the Malaysian Palm Oil Board (MPOB) on Monday.
The MPOB data revealed a 5 percent decrease in Malaysia’s palm oil inventories, reaching 1.92 million tons in February compared to the previous month.
CPO production in Malaysia experienced a notable 10.18 percent month-on-month decline, settling at 1.26 million tons for February.
Concurrently, the country’s palm oil exports saw a significant dip of 24.75 percent month on month, reaching 1.02 million tons during the same period.
In contrast, Malaysia’s palm oil imports displayed an uptick, increasing by 10.38 percent month on month to 32,556 tons in February.
