KUALA LUMPUR (July 10): Malaysia’s palm oil inventory as at end-June rose 0.83% to 2.19 million tonnes versus 2.17 million tonnes in May, as imports more than doubled to 85,889 tonnes from 32,260 tonnes, the Malaysian Palm Oil Board said today.

In a statement, MPOB said palm oil inventory comprises crude palm oil (CPO) and processed palm oil. MPOB said the 166.24% surge in total palm oil imports was mainly due to higher purchases of processed palm oil. 

The country’s palm oil stockpile increased, despite lower CPO production. MPOB said CPO production was down 12.63% at 1.33 million tonnes in June, from 1.53 million tonnes in May. 

Meanwhile, exports of palm oil fell 12.57% to 1.13 million tonnes, from 1.29 million tonnes, according to MPOB.