Malaysia lowers Dec crude palm oil export tax to 6% - govt circular

Malaysia lowers Dec crude palm oil export tax to 6% - govt circular”

Palm oil prices have declined to 2,761 ringgit a ton on Monday from 2,837 ringgit per ton on November 1, according to data from Malaysian Palm Oil Council.

To support the Malaysian palm oil industry and MPOB, AladdinStreet China will grant free registration worth total 300,000 RMB (about 45,176 US dollars) for 10 Malaysian palm oil exporters or merchants who successfully join its platform on first come first serve basis. "This is why we are working hard to look at new markets", he told a press conference after officiating the International Palm Oil Congress and Exhibition (PIPOC) 2017 here yesterday.

"This (the proposed ban) is a clear discrimination on palm oil", Mah said.

The Southeast Asian nation calculated a palm oil reference price of RM2,833.25 per tonne for December.

- Picture by Miera ZulyanaMANILA, Nov 15 ― Malaysia and Indonesia view the export restriction against palm oil into the European Union (EU) very seriously and are ready to take joint action to counter the discrimination which will otherwise jeopardise more than 18 million smallholders in both countries, says Prime Minister Datuk Seri Najib Razak.

Najib and Indonesian President Joko Widodo raised the matter during the Asean-EU Summit, which was also attended by EU President Donald Tusk.

Meanwhile, Mah said the newly-announced Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the new TPP without the United States, would pave the way for Malaysian commodity to further penetrate markets such as Chile and New Zealand.

The Malaysian Palm Oil Board (MPOB) has partnered with AladdinStreet China to enhance Malaysian palm oil market in China by leveraging on the e-Commerce platform.

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