Malaysia increases palm oil exports in October

Malaysia sold almost 607 thsd tonnes of palm oil to foreign markets in the period from October 1 to 15, according to the data of the independent inspection company AmSpec Agri Malaysia, which recorded an increase in sales of the product compared to the same period last month by more than 5%.

Intertek Testing Services experts, in turn, estimated the increase in shipments of Malaysian palm oil for the analyzed period at 7.3% – up to 623.2 thsd tonnes.

“The increase is observed against the background of the decline in palm oil production in Malaysia,” the experts said.

The day before, the National Palm Oil Board announced that in November the tax on crude palm oil exports from the country will remain at 8%.

At the same time, the base price for the product next month will be reduced to 3556.08 ringgit ($751) per ton compared to 3710.50 ringgit ($791) per ton in October.

Tags: export, Malaysia, palm oil