Uptake of CPO and processed palm oil similarly fell in all marketing regions (Table 4), except East Suez (up by 29.3%), Africa (by 4.9%) and West Suez (by 3.7%).
The annual average local delivered CPO price increased by RM500 (23.2%) to RM2,653 per tonne, against RM2,153.50 previously (Table 5). This was reflective of the shortage of palm oil due to El Nino, as well as higher import demand which reduced stock levels in Malaysia. The average export price of RBD palm oil and RBD palm olein went up to US$650.50 (by 11%) and US$665.50 (13.7%) per tonne respectively. RBD palm stearin and Palm Fatty Acid Distillates showed gains to record US$641 (up by 20.7%) and US$589 (by 17.7%) per tonne respectively.
Export earnings from palm-based products increased by 7.4% to RM64.6 billion (Table 6), mainly due to better prices of oils and fats. Revenue from palm oil and palm kernel oil sales increased by 5.1% and 19.8% respectively. However, a decline was seen for palm kernel cake (by 6.7%) and biodiesel (by 48.8%), largely due to lower exports of the two products.