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Malaysia reviewing palm oil export taxes for competitiveness: minister
[KUALA LUMPUR] Malaysia said it is currently reviewing its palm oil export duty structure to ensure market competitiveness, according to a minister, which could help boost demand and reduce the country's stockpiles that are at their highest in nearly 18 years.
"We are currently reviewing our present export duty structure to ensure a level playing field in the market," said Primary Industries Minister Teresa Kok in an email response to questions from Reuters.
Palm oil producers in Southeast Asia have been grappling with slow exports as demand has waned on weaker currencies and higher import taxes. The demand slump has caused an inventory buildup in Malaysia and Indonesia and benchmark prices drop.