Palm Oil Shipments From Malaysia Tumble Most in Seven Years
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Palm oil exports from Malaysia, the world’s biggest producer after Indonesia, slumped the most in seven years in January as a plunge in energy prices and record global oilseed supply cut demand.
Sales decreased 22 percent to 1.18 million metric tons from a month earlier, the Malaysia Palm Oil Board said in Kuala Lumpur on Tuesday. That’s the biggest drop since January 2008 and the least shipped since February 2011, MPOB data show. The median estimate in a Bloomberg survey published Feb. 6 was for a 15 percent decline to 1.29 million tons. Imports fell 0.5 percent to 89,908 tons, according to board data.