Malaysia reduced palm oil exports in August

According to analysts of the national MPOB (Malaysian Palm Oil Board), more than 2.06 million tons of oil palm products were sold from Malaysia to foreign markets in August 2023. Compared to the same month last year, the exports decreased by 1% (from 2.07 mln tonnes), and by 3% (from 2.11 mln tonnes) in July.

According to the MPOB materials, the share of palm oil in the structure of August shipments accounted for about 60% of all sales – more than 1.22 mln tons (-10% compared to July 2023; -6% compared to August 2022).

In particular, compared to July 2023, crude palm oil sales decreased by 37% to 270 thsd tonnes, while refined palm oil exports increased by 3% to 952 thsd tonnes.

More than 56% of palm oil (crude and refined) was exported through Malaysia’s major international ports (Port Klang, Pasir Gudang, Lahad Datu and Sandakan), up 3% month-on-month.

During the reporting period, Malaysia also shipped over 92 thsd tonnes of palm kernel oil abroad. The volumes were 18% higher than in July 2023 and 9% lower than in August 2022.

Exports of crude palm kernel oil decreased by 6% to 31 thsd tonnes compared to the previous month. On the contrary, supplies of refined palm kernel oil from Malaysia increased by 36% to 61 thsd tonnes.

Last month, the shipments of palm kernel meal amounted to 196 thsd tonnes, which is 1% higher than in July 2023 and 7% higher than in the same month of 2022.

MPOB experts also note that in August 2023. Malaysia increased sales of biodiesel to 20 thsd tonnes (+19% compared to July 2023; -25% compared to August 2022).

Tags: Malaysia, palm oil