MUMBAI, April 18 (Commoditiescontrol): Malaysia, the world's second-largest palm oil exporter, has experienced a significant decline in palm oil exports for the first 15 days of April. According to data from Intertek Testing Services (ITS), Malaysia's palm oil export estimates fell by 28.72% to 535,905 tons compared to the same period in March. This decline can be attributed to the reduction in outbound shipment to all major destinations, with the exception of Asia Oceania, which stayed almost unchanged, and a marginal rise to the Americas.
The reduction in shipment was most notable in exports to the African continent, China, and the European Union. Shipments to Africa saw a decrease of 22.53%, while shipments to China and the E.U. declined by 20.16% and 42.68%, respectively. Malaysia's exports to India, the world's largest palm buyer, also dwindled significantly by 63.44%.
The decline in exports can be attributed to several factors, including large stocks in importing countries resulting from a surge in inbound shipments in March. Additionally, the narrowing spread between palm and competing vegetable oils may have incentivized buyers to switch to other oils instead of palm, leading to neutral buying sentiment.
Furthermore, Chinese demand has yet to increase dramatically, eroding earlier hopes that there would be a rebound in demand following the Lunar New Year holiday in late January and as China relaxed its COVID-19 measures and travel restrictions. Instead, recovery has been hampered by cautious consumer spending, an outcome of retrenchment woes and employment outlook.
(By Commoditiescontrol Bureau; +91-9820130172)
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