KUALA LUMPUR: Malaysia's finance ministry is considering a proposal to temporarily suspend crude palm oil export taxes, its commodities minister said on Thursday, as the world's second largest palm oil producer grapples with record high stockpiles.
Ministries would provide input and economic analysis to help the government's policy considerations, taking into account the palm oil industry's interests, Plantation and Commodities Minister Datuk Seri Dr Noraini Ahmad told parliament.
Noraini said the decision on the proposal was the responsibility of the finance ministry
The proposal was reported by Bloomberg News last week
An export tax suspension could help spur demand and draw down inventories after Malaysia's palm oil stocks hit a record high of 3.51 million metric tons in September
The minister was responding to question on whether Malaysia would temporarily suspend the duties for three to five months
Malaysia waived export duties on crude palm oil for six months in 2020 after inventories surpassed two million metric tons. - Reuters
