PETALING JAYA: Malaysian palm oil exports were down in October
compared to September according to cargo surveyors in separate reports
today.
Intertek said palm oil exports fell 8.5% in October to 1.35 million tonnes compared to 1.47 million tonnes in September.
SGS said in another report that exports fell 12% to 1.31 million tonnes in October compared to 1.49 million tonnes in September.
ECM
Libra Investment Bank research head Bernard Ching said in a report that
for the nine months to September, exports were up 6.4% year-on-year
while month-on-month, exports were up 21%.
“Stock levels were flat in September given that production still rose and that exports were coming from a low base,” he said.
Ching
added that with the house projecting that October production would not
be as high as a year ago and exports continuing to be strong, the rise
in stock levels next month might not reach safe levels (of more than 2
million tonnes).
He said this would not be enough to take the
industry through the year-end festive season and the oncoming production
down cycle.
Source : The Star
