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

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 ...