21/04/2009 (Solomon Star) - PALM Oil production for February has dropped by 11 percent, to reverse the 9% growth in the previous months.

Central Bank of Solomon Islands in its monthly economic bulletin said fresh fruit bunches collected in February 2009 fell 8% to 9,098 tonnes, leading to total palm oil productions falling of 11% to 1,836 tons.

“This reversed the 9% growth seen in the previous month at 2,052 tonnes,” the bank said.

Compared to a year ago, February’s yield is 25% higher than 1,469 tons reported in February 2008.

The bank said palm kernel extraction also declined to 555 tonnes from 561 tonnes in January.

“The subdued production was due to irregular weather patterns experienced in the month,” the bank stated.

Despite the fall in fruit bunches, palm kernel oil processing increased by 5% to 257 tonnes.

Palm kernel meal processing also rose to 286 tonnes from 272 tonnes in January.

Meanwhile, world price for palm oil rose by 2% from US$562 (SBD$4500.00) per tonne to US$571 (SBD$4570.00) per tonne.