Malaysiakini NEWS

Malaysia keeps September crude palm oil export duty at zero percent


Malaysia kept its export duty on crude palm oil for September unchanged at zero percent, according to a circular on the Malaysian Palm Oil Board's website on Wednesday, citing the national customs department.

The duty has been at zero percent since September 2018.

Malaysia, the world's second-largest producer of palm oil, calculated a palm oil reference price of RM1,907.62 (US$455.82) per tonne for September. Any price above RM2,250 incurs a duty.

The Southeast Asian nation said in May it would defer the imposition of export duties on crude palm oil to Dec 31 in efforts to boost palm oil exports and expand into new markets.

Malaysian benchmark palm oil futures were last down 0.6 percent at RM2,198 per tonne around Wednesday noon.

- Reuters

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