Malaysia maintains export duty on crude palm oil at 8% in November

Malaysia has maintained an 8% export duty on crude palm oil and increased the benchmark price for November to RM3,949.73 (US$918.54) per metric ton, up from RM3,839 in October. The export duty varies from 3% to 8% depending on the price of the crude palm oil.

Malaysia has kept export duty on crude palm oil at 8% for November and raised the benchmark price, the Malaysian Palm Oil Board (MPOB) said in a circular on its website on Wednesday. The world’s second-largest palm exporter calculated a base price of RM3,949.73 (US$918.54) per metric ton for November. The benchmark price in October was RM3,839 per metric ton. The export duty structure starts at 3% for crude palm oil in the range of RM2,250-RM2,400 per tonne. The maximum tax rate is set at 8% when prices exceed RM3,450 per tonne. For almost 30 years of expertise in the agri markets, UkrAgroConsult has accumulated an extensive database, which became the basis of the platform AgriSupp. It is a multi-functional online platform ...