Processed palm oil inventory went up 11.83% to 773,774 tonnes from 691,911 tonnes, it said.

“Overall, palm oil stocks added 8.76% to 1.66 million tonnes from 1.52 million tonnes previously, the board said in a statement.

“As for production, CPO output increased by 5.76% to 1.545 million tonnes against 1.461 million tonnes in May,” MPOB said in its industry performance report for June 2022.

Palm kernel output rose 6.62% to 378,418 tonnes from 354,912 tonnes in the preceding month, it said, adding that crude palm kernel oil production was 10.94% higher at 175,731 tonnes from 158,408 tonnes in May.

Meanwhile, MPOB said that palm oil exports declined 13.26% to 1.194 million tonnes in June from 1.376 million tonnes in May, while palm kernel oil exports rose 13.24% to 92,130 tonnes from 81,356 tonnes in the preceding month.

“Oleochemical exports dropped 2.72% to 210,924 tonnes from 216,816 tonnes while biodiesel exports fell 48.89% to 23,689 tonnes from 46,345 tonnes,” it said.

The agency said Malaysia’s import of CPO in June 2022 slipped 0.04% to 2,989 tonnes compared with 2,990 tonnes imported in May, while total palm oil imports added 2.48% to 59,195 tonnes from 57,763 tonnes in the preceding month.