Crude palm oil export duty deferred until Dec 31

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SANDAKAN (May 2): Malaysia has deferred its export duty on crude palm oil until Dec 31 this year, Primary Industries Minister Teresa Kok Suh Sim said.

She said the deferment period from May 1 would enable the country to promote palm oil exports, as well as to seek new markets.

"The ministry encourages producers and exporters to use this opportunity to export more palm oil. This will also benefit oil palm smallholders," she told reporters yesterday after attending the Oil Palm Growers’ Dialogue.

Malaysia kept its export duty on crude palm oil for April at zero per cent.

Meanwhile, Kok said Russia and several African and Arabian countries were keen to buy Malaysian palm oil.

"But it takes time to conclude the deals and hopefully, the duty-free period will help boost palm oil exports," she said.

On the dialogue, Kok said among the problems faced by oil palm growers were low prices, labour shortage and taxation.

She said in order to address the problems, steps needed to be taken to give a clearer picture of the benefits of palm oil, especially in the European market.