KUALA LUMPUR - Malaysia's palm oil end-stocks in November fell to a more than three-year low as production slumped and exports fell more than expected, data from the industry regulator showed on Thursday.

November-end inventories in the world's second-largest palm oil producer fell 0.58% from the previous month to 1.56 million tonnes, the lowest since June 2017, the Malaysian Palm Oil Board (MPOB) said. 

Crude palm oil production shrank 13.51% from October to 1.49 million tonnes, its lowest since March. 

The report is bearish as stocks are broadly unchanged due to a surge in imports that notched an 11-month high, said Sathia Varqa, co-founder of Singapore-based Palm Oil Analytics.

Palm oil imports in November rose 148.2% to 112,663 tonnes, MPOB said.

Imports were expected to rise given the sharp outflow of crude palm oil due to tax exemptions and dwindling production, Varqa said.

The decline in exports, however, was more than anticipated as they fell 22.16% to a seven-month low of 1.3 million tonnes, after rising in the past two months.

Palm oil volumes taken in by China and the European Union were not enough to offset a 50% drop in shipments to biggest buyer India, MPOB data showed.

"Unless December palm oil export improves, prices are likely to remain under pressure ahead," said Anilkumar Bagani, research head of Mumbai-based vegetable oils broker Sunvin Group.

Exports during Dec. 1-10 fell 6%, according to cargo surveyors. 

Following is a breakdown of the Malaysian Palm Oil Board figures and Reuters estimates for November (volumes in tonnes) PALM/POLL :

Nov 2020 Nov 2020 poll Oct 2020* Nov 2019 Output 1,491,551 1,548,000 1,724,559 1,538,053 Stocks 1,554,505 1,538,970 1,573,665 2,255,082 Exports 1,303,318 1,400,000 1,674,304 1,405,638 Imports 112,663 72,500 45,398 74,684

*indicates revised figures by the Malaysian Palm Oil Board

(Reporting by Mei Mei Chu; Editing by Jacqueline Wong and Ramakrishnan M.) ((meifong.chu@thomsonreuters.com; +6-139-492-9424; Reuters Messaging: @meixchu on Twitter))