Malaysia’s 1-15 August palm exports slip 15.25% from July - surveyor

15 August 2014 07:48 Source:ICIS News

SINGAPORE (ICIS)--Malaysia’s exports of palm oil products from 1-15 August slipped by 15.25%  to 570,761 tonnes from 673,463 tonnes during the same period in July this year, according to cargo surveyor Intertek Testing Services (ITS) on Friday.

Sources said consumption from China fell by more than half of its consumption a month earlier during the same period, owing to weak prices of edible oils such as soybean, which is typically preferred by some consumers. Soybean and corn are expected to see bumper crop, according to the US Department of Agriculture (USDA).

The following are the export data for major products of palm oil, according to ITS (in tonnes):

Grade

August 1-15       

July 1-15       

June 1-15       

Crude palm kernel oil

7,244

18,380

9,515

Crude palm oil

142,057

172,890

173,275

Palm fatty acid distillate

14,800

9,240

19,120

RBD Palm Olein       

249,395

245,204

199,770

RBD Palm Oil          

47,900

54,245

40,870

RBD Palm Stearin      

33,250

62,786

34,539

The following shows the major destinations for Malaysia's export of palm oil products, according to ITS (in tonnes):

Destinations

August 1-15

July 1-15

June 1-15

China

66,300

150,470

61,850

European Union

70,525

124,620

101,049

India & Subcontinent

237,454

139,820

157,050

On Thursday, the benchmark October future crude palm oil (CPO) contract in Kuala Lumpur Bursa Malaysia closed at a near five-year low of M$2,133/tonne ($671/tonne).

($1 = M$3.18)

By Alexis Gan