Malaysia, the world's second largest palm oil producer, saw its palm oil stockpiles fall to below 3 million tonnes in March as exports surged, official data showed Wednesday.

According to Malaysian Palm Oil Board's latest update, the country's palm oil stocks fell 4.6 percent month-on-month to 2.92 million tonnes in March, the lowest level since October last year.

Its crude palm oil production, however, rose 8.3 percent month-on-month to 1.67 million tonnes in March.

Meanwhile, palm oil exports for the month jumped 22.37 percent month-on-month to 1.62 million tonnes.