KUALA LUMPUR: Malaysia, the world’s second-largest palm producer, said today it would extend an export duty exemption on crude palm oil until the end of April, following an earlier three-month suspension that began in January.
The export duty suspensions were aimed at boosting demand and reducing stockpiles in a bid to support benchmark palm oil prices.
“The export duty exemption will be lifted earlier if palm oil stocks fall to 1.6 million tonnes,” the plantation industries and commodities ministry said in a statement.
At end-February, Malaysian palm oil stockpiles stood at 2.48 million tonnes, down 2.9% from a month earlier.