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Malaysia keeps October crude palm oil export duty at zero per cent

A worker collecting oil palm fruits at a plantation in Bahau, Negeri Sembilan, Malaysia, on Jan 30, 2019. PHOTO: REUTERS. Sketched by the Pan Pacific Agency.

Pan Pacific Agency | COMMUICATION AGENCY FOR PACIFICA REGIONS

KUALA LUMPUR, Sep 21, 2019, Reuters. Malaysia kept its export duty on crude palm oil for October unchanged at zero per cent, according to a circular on the Malaysian Palm Oil Board’s website this week, citing the national customs department, reported the Business Times.

The duty has been at zero per cent since September 2018.

Malaysia, the world’s second-largest producer of palm oil, calculated a palm oil reference price of 2,145.75 ringgit (S$706.43) per tonne for October. Any price above 2,250 ringgit incurs a duty.

The South-east Asian country 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 0.9 per cent at 2,225 ringgit per tonne on Friday at the close.

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