Kuala lumpur: Malaysia, the world’s second-largest palm oil producer, has reported higher palm oil stocks in August amid higher production and lower exports.

The industry regulator Malaysian Palm Oil Board (MPOB) data showed on Tuesday that Malaysia’s palm oil stockpile stood at 1.88 million tons in August, up 7.34 percent from previous month.

Meanwhile, crude palm oil production climbed 2.87 percent month on month to 1.89 million tons in August.

Malaysia’s palm oil exports, however, fell 9.74 percent month on month to 1.53 million tons during the month.

Its palm oil imports also declined by 4.9 percent month on month to 9,970 tons.

Source: The Namibia News Agency