MARKET DEVELOPMENT
Malaysia Cuts September Crude Palm Oil Export Tax to 4.5 Pct
Malaysia Cuts September Crude Palm Oil Export Tax to 4.5 Pct
16/08/2014 (Reuters) - Malaysia, the second-largest palm grower, lowered its crude palm oil export tax for September to 4.5 percent, a government circular showed on Friday, the first cut in two months.
The rate had been lowered to 5.0 percent in July and that rate was maintained in August. Prior to that it had been unchanged at 5.5 percent since April.
The Southeast Asian country calculated a reference price of 2,348.80 ringgit ($745) per tonne for September crude palm oil, effectively reducing the export duty to 4.5 percent. ($1 = 3.154 Malaysian ringgit)
The rate had been lowered to 5.0 percent in July and that rate was maintained in August. Prior to that it had been unchanged at 5.5 percent since April.
The Southeast Asian country calculated a reference price of 2,348.80 ringgit ($745) per tonne for September crude palm oil, effectively reducing the export duty to 4.5 percent. ($1 = 3.154 Malaysian ringgit)