(Adds details) KUALA LUMPUR, Jan 11 (Reuters) - Malaysian palm oil inventories in December fell to their lowest in more than 13 years and imports touched a record high as production slumped while exports surged, data from the industry regulator showed on Monday. According to Malaysian Palm Oil Board (MPOB), palm oil end-stocks in the world's second-largest producer slumped 19% in December to 1.26 million tonnes on-month - the lowest since July 2007 when the country reported stocks of 1.31 million. Palm oil exports surged 24.7% to 1.62 million tonnes and crude palm oil production fell 10.6% to 1.33 million tonnes, while imports rose to a record 282,058 tonnes, up from 112,663 tonnes in the previous month. A Reuters poll had pegged December inventories to fall 12% to 1.22 million. Production was seen down 11%, while exports were seen rising 15%. Exports were expected to rise in December, after which there will be no export tax exemption on palm oil products. The duty exemption gave Malaysian crude palm oil a competitive price advantage over rival Indonesian crude palm oil, but eroded refiners' margins. Malaysian stocks are expected to stay low in 2021 because of strong demand from China and a lower Indian import duty, according to officials. Global palm oil supply is also expected to be tight this year as the La Nina weather pattern brings heavy rain. Here is a breakdown of the Malaysian Palm Oil Board figures and Reuters estimates for December (volumes in tonnes) : Dec 2020 Dec 2020 poll Nov 2020* Dec 2019 Output 1,333,637 1,326,283 1,491,551 1,333,904 Stocks 1,264,881 1,218,535 1,561,758 2,010,527 Exports 1,624,692 1,500,000 1,303,271 1,398,049 Imports 282,058 100,000 112,663 123,029 *indicates revised figures by the Malaysian Palm Oil Board (Reporting by Mei Mei Chu and A. Ananthalakshmi; Editing by Himani Sarkar and Sherry Jacob-Phillips)
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UPDATE 1-Malaysia's Dec palm oil stocks hit 13-year low, imports at all-time peak - Successful Farming
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