Malaysia Maintains November Crude Palm Oil Export Duty at 8%
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Loading... - Ayumi Miura
- 17 Oct 2024
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Malaysia has decided to keep its export duty for crude palm oil (CPO) at 8% for November, while also increasing its reference price. This information was disclosed in a circular on the Malaysian Palm Oil Board's website.
For November, the reference price for crude palm oil has been set at 3,949.73 ringgit (approximately $918.54) per metric ton, up from October's reference price of 3,839.10 ringgit per ton.
Export Tax Structure: The export tax for crude palm oil in Malaysia operates on a tiered structure:
- A 3% tax is applied when the reference price is between 2,250 and 2,400 ringgit per ton.
- The maximum export tax rate of 8% is imposed when prices exceed 3,450 ringgit per ton.
This decision reflects Malaysia's ongoing strategy to manage its palm oil exports amid fluctuating global prices and market conditions.
Market Intelligence and Analysis: In related news, UkrAgroConsult, with nearly 30 years of experience in agricultural markets, has developed a comprehensive database that serves as the foundation for its platform, AgriSupp. This multi-functional online platform provides market intelligence for grains and oilseeds, offering access to daily operational information on the Black Sea and Danube markets, along with analytical reports and historical data.
This combination of regulatory updates and market intelligence highlights the dynamic nature of the palm oil industry and the importance of staying informed about market trends and government policies.
