KUALA LUMPUR: Malaysia’s palm oil inventory fell 13.14% in March from a month earlier as a significant rise in exports offset the impact of higher crude palm oil (CPO) output.
In a statement today, the Malaysian Palm Oil Board (MPOB) said inventory comprising processed palm oil and CPO fell to 1.89 million tonnes from 2.17 million tonnes in February.
MPOB said total palm oil exports jumped 22.95% to 1.33 million tonnes from 1.09 million tonnes.
Meanwhile, CPO output rose 16.94% to 1.22 million tonnes from 1.04 million tonnes.
In February, palm oil inventory fell 5.99% from a month earlier while exports declined 15.15%. CPO output dropped 7.7%. March inventory’s decline quantum had beaten market forecast, based on a Reuters’ survey.
Reuters reported that Malaysian inventories likely touched 1.95 million tonnes at end-March, down 10.3% from February, the survey of nine planters, traders and analysts showed.
The Reuters poll forecast Malaysia’s March exports at 1.22 million tonnes, up 12.4% on month, given improved demand from India and China ahead of the Muslim holy month of Ramadan and an export tax implementation in April.
