Malaysia raises export tax for crude palm oil for first time in over a year

SINGAPORE: Malaysia has raised its export tax for crude palm oil for January, for the first time in one-and-a-half years, the Malaysian Palm Oil Board's website said on Friday, citing the national customs department.

The world's second-largest producer and exporter of palm oil had last imposed an export tax of 4.5% in August 2018 before lowering it to zero. It then placed a tax-free exemption on crude palm oil from May to December 2019 in a move to boost palm oil exports and expand into new markets.