Malaysia will cut palm oil export duties starting January next year in a bid to make its palm oil more competitive. ? Reuters pic
KUALA LUMPUR, Oct 15 ? The level of palm oil inventory in Malaysia is not too high given the country?s total output said Tan Sri Bernard Dompok today.The ?plantation industries and commodities minister said that the country?s 2.48 million tonnes of palm oil inventory was quite small compared to production.
?It?s not a figure that is really too large,? he said at a press conference at the Palm Oil Trade Fair and Seminar here.
He however declined to give an outlook for the export of palm oil.??Malaysia has 5.2 million tonnes of storage capacity.
Malaysia will cut palm oil export duties starting January next year in a bid to make its palm oil more competitive with Indonesia which has a lower tax structure.??It also proposed to abolish a quota for duty free export of palm oil after refiners were unable to obtain sufficient palm oil feedstock.
The new export duty rates will range from 4.5 per cent to 8.5?per cent depending on the price of palm oil compared to the existing rate of 23 per cent.
Pemandu CEO Datuk Seri Idris Jala said during his speech at the conference that Malaysia had an issue with replanting as some 400,000 hectares of land currently cultivated with palm oil had trees over 25 years old.
?We have a massive issue with replanting,? he said.??He also said that industry players are being pushed to follow best practices to get maximum value from palm oil.
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