Malaysia keeps August crude palm oil export duty at 0%

-A +A

KUALA LUMPUR (July 16): Malaysia kept its export duty on crude palm oil for August unchanged at 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 RM1,905.38 (US$463.93) per tonne for August. Any price above RM2,250 incurs a duty.

The Southeast Asian nation said in May 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 down 0.4% at RM1,981 per tonne in early trade on Tuesday.

(US$1 = RM4.1070)