Malaysia’s palm oil stocks hit multi-year highs
Malaysia’s palm oil stocks hit 2.46M tonnes in October, the highest since 2019, driven by record production of 2.04M tonnes and exports of 1.6M tonnes. Stocks are up 31% year-on-year. Analysts expect slower growth ahead as production peaks and cheaper palm oil boosts export demand.
Palm oil stocks in Malaysia, one of the largest producing and exporting countries of this product, reached a record 2.46 million tonnes in October, Reuters reports , citing data from the national Palm Oil Board (MPOB).
This was the highest figure since April 2019 and 31% higher than the figures for October last year.
The increase was driven by record-breaking oil production of 2.04 million tons, up 11.02% from the previous month. Oil exports also saw a record increase, up 18.58% to 1.6 million tons.
At the same time, analysts predict a slowdown in both the growth of palm oil reserves and production in the country this month. They attribute the former to the current peak in volumes, and the latter to growing export demand due to lower prices compared to other vegetable oils.
It was previously reported that palm oil production in Malaysia could grow by another 3.4% and reach a record 20 million tonnes in 2025.
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Source : Ukr Agro Consult
