Malaysia maintains export duty on crude palm oil at 10% in January

Malaysia has kept January’s export duty on crude palm oil at 10 percent and raised the benchmark price, according to a circular published Tuesday on the website of the Malaysian Palm Oil Board.

The world’s second-largest palm exporter calculated a base price of 5,001.72 ringgit ($1120.96) per metric ton for January. The base price for December was 4471.39 ringgit.

The export duty structure starts at 3% for crude palm oil, ranging from 2,250 to 2,400 ringgit per metric ton. The maximum tax rate is set at 10% when prices exceed 4050 ringgit per ton.

Tags: Malaysia, palm oil