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Malaysia Keeps July Crude Palm Oli Export Duty At  0%

Malaysia Keeps July Crude Palm Oli Export Duty At 0%

KUALA LUMPUR, : Malaysia kept its export duty on crude palm oil for July unchanged at 0%, according to a circular on the Malaysian Palm Oil Board’s website on Thursday that cited the national customs department.

The duty has been at 0% since September.

Malaysia, the world’s second-largest producer of palm oil, calculated a palm oil reference price of 1,970.44 ringgit ($474.69) per tonne for July. Any price above 2,250 ringgit incurs a duty.

The Southeast Asian Nation in May had said it would defer the imposition of export duties on crude palm oil to Dec. 31, in a bid to boost palm oil exports and expand into new markets. ($1 = 4.1510 ringgit) (Reporting by KL newsroom; Editing by Subhranshu Sahu)