InfoSAWIT, KUALA LUMPUR –According to Malaysian Palm Oil Board (MPOB), palm oil exports in the country decreased 12% month on month (MoM) to be 1,418 million tons in October 2021. It was still better than the previous prediction which could be 13% as S&P Global Platts did predict.
As quoted from spglobal, palm oil exports from Malaysia would be increasing in November 2021 for the country runs cheaper import duty than the competitor – Indonesia for having bigger import duty.
Indonesia decided that crude palm oil (CPO) reference price is US$ 1,283.38/ton in November 2021, and export tax to be US$200/ton from the previous about US$166/ton in October. Indonesia also runs palm oil tax about US$175/ton for CPO.
"Palm oil exports in Malaysia in November could be increasing, remain expensive but will have something to do with the numbers,” Chief Researcher of vegetable oil at Sunvin Group, Anilkumar Bagani said. (T2)
