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Malaysia keeps June crude palm oil export duty at 0%

Malaysia keeps June crude palm oil export duty at 0%

KUALA LUMPUR (May 14): Malaysia kept its export duty on crude palm oil for June unchanged 0%, according to a circular on the Malaysian Palm Oil Board’s website on Tuesday, citing 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 RM2,018.76 (US$484.2) per tonne for June. Any price above RM2,250 incurs a duty.

The Southeast Asian Nation in May had announced 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 up 0.1% at RM1,985 per tonne on Monday evening, after falling to a five-month low of RM1,960.