Malaysia exports more palm oil in December

Malaysia’s palm oil stockpile rose 6.97 percent to 2.73 million metric tons in December 2017, from 2.55 million tons in November, said the Malaysian Palm Oil Board (MPOB) on Wednesday. According to MPOB, the crude palm oil (CPO) production fell 5.59 percent month-on-month to 1.83 million tons in December last year. However, palm oil exports for the month rose 4.91 percent monthon-month to 1.42 million tons. Malaysia is the world’s second largest palm oil producer after Indonesia. The Malaysian government implemented a three-month suspension of export taxes on CPO this week, which analysts said might increase palm oil exports.