Malaysia raises benchmark palm oil price in October, keeps export duty at 10%
Malaysia raised the benchmark price of crude palm oil in October to a level that maintains the export duty band at 10%, the Malaysian Palm Oil Board (MBOP) said in a statement on Friday.
The world’s second-largest palm oil exporter calculated the October reference price at 4,268.68 ringgit (US$1,015.87) per tonne. The September reference price was 4,053.43 ringgit per tonne, implying a 10% duty.
The initial export duty rate on crude oil is 3%, ranging from 2,250 to 2,400 ringgit per tonne. The maximum duty rate is set at 10% when the price exceeds 4,050 ringgit.
The EU has previously endorsed Malaysian Palm Oil (MSPO) certification as a credible standard that could help meet the EU’s new deforestation regulations.
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 with market intelligence for grains and oilseeds that enables to get access to daily operational information on the Black Sea & Danube markets, analytical reports, historical data.
You are welcome to get a 7-day free demo access!!!
Read also
UkrAgroConsult presents market research on Ukraine’s livestock sector under condit...
US Milling Industry Outlook Remains Stable — NAMA President
US soybean exports are half of last year’s level
Ukraine’s corn harvest continues to lag behind last year’s pace amid high moisture...
Global meat prices hit historic high amid shrinking supply and strong demand
Got additional questions?
We will be happy to assist!
Write to us
Our manager will contact you soon