Malaysia's palm oil stockpiles may have declined for third consecutive month as domestic production fell 10%, exports 3% during December, Oil World says
January 10, 2012
– According to data and research firm Oil World, Malaysia’s palm oil stockpiles may have declined for the third month in a row after production and export of palm oil falls by 10% and 3%, respectively, during Dec. 2011, Bloomberg reported Jan. 10.
In Dec. 2011, Malaysia exported 1.49 million tonnes of palm oil, less than the 1.66 million tonnes that were exported the previous month and less than the 1.29 million tonnes that were exported during Dec. 2010, according to data compiled by Oil World.
During Dec. 2011, the top three importers of Malaysian palm oil were China (337,000 tonnes), the European Union (296,000 tonnes) and Pakistan (167,000 tonnes).
Oil World reported that rainfall during Nov. 2011 was 15% higher than the amount that was considered normal for the country, while the Malaysian state of Perak received approximately 134% of normal rainfall during that same month.
Perak is Malaysia’s fourth-largest producer of palm oil, which the most-used cooking oil worldwide.
Malaysia is the second-biggest producer of palm oil in the world.
The primary source of this article is Bloomberg, New York, New York, on Jan. 10, 2012.