Malaysia's palm oil reserves at the end of January 2023 increased, thanks to imports exceeding expectations

Published 2023년 2월 13일

Tridge summary

Malaysia, the world's second-largest palm oil producer, experienced a 3.26% increase in stocks in January, reaching 2.27 million tonnes, due to a 14.73% decrease in production in December 2022, the third consecutive monthly drop, caused by tropical monsoons and floods. Palm oil exports fell nearly 23% in January, reaching the lowest level since April 2022, with a drop in exports to India and China. However, exports are expected to recover in February due to tight Indonesian export supplies. Uncertainties in Indonesia's export regulations may cause market volatility. The Egyptian General Department of Supply of Goods (GASC) is bidding to buy international vegetable oil from February 25 to March 3, 2023, and seeking at least 3,000 tons of soybean oil and 1,000 tons of sunflower oil for delivery between March 1-30, 2023.

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Original content

According to the Malaysian Palm Oil Board (MPOB), stocks at the world's second-largest producer in January rose 3.26% month-on-month to 2.27 million tonnes. Crude palm oil production fell 14.73% from December 2022 to 1.38 million tonnes, the lowest level in 11 months. This was the third consecutive monthly drop in production, as the effects of late-year tropical monsoons and floods disrupted harvests and supply chains. From the beginning of February 2023 until now, continuous heavy rains in some areas of Malaysia, raising concerns that supply will continue to be disrupted, even as leading manufacturers in Indonesia are taking measures to tighten restrictions. tighten exports further ahead of the Muslim holidays. Meanwhile, palm oil exports from Malaysia fell nearly 23% to 1.14 million tonnes, the lowest level since April 2022, coinciding with data from the commodities survey agency that there was a drop in exports to key markets India and China. The country's import figures ...

Source: Vinanet