Malaysia's palm oil exports get temporary boost
Exemption of export tax gives advantage over Indonesia's 9% export duty
[SINGAPORE] Indonesia may soon eliminate its export duty of 9 per cent on crude palm oil (CPO), thus levelling the playing field with closest rival Malaysia.
In a bid to boost exports and reduce inventory, Malaysia, the world's largest palm oil producer after Indonesia, had exempted export duty on CPO for two months, beginning September 2014.
But in the same month, Indonesia's export duty on CPO is still 9 per cent. CIMB analyst Ivy Ng believes that Malaysia CPO exports will benefit in the near term as they become more competitive against Indonesian CPO.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
New Articles
Singapore top recipient of Q1 cross-border investments in Apac: Knight Frank
Dasin Retail Trust’s trustee-manager chairman, directors deny allegations of misconduct
Keppel Infrastructure Trust posts 29.1% lower Q1 distributable income
Bitcoin faces worst month since FTX crash with ETF demand cooling
AIA launches wealth centre targeting high-net-worth clients
Prudential’s Q1 new business profit down 2% at S$743 million