Malaysia raises export tax on palm oil to 10% in May_

The Malaysian Palm Oil Board (MPOB) has issued a latest announcement, officially raising the reference price of crude palm oil for May. This move has also led to an increase in the export tariff.
According to the data, the reference price of crude palm oil in Malaysia for May was set at 4,521.89 Malaysian ringgit per ton, showing a significant increase compared to the 3,935.19 Malaysian ringgit per ton in April.
Affected by the rise in the reference price, the export tariff of Malaysian palm oil was raised from 9.5% in April to 10%, reaching the current maximum tariff standard.
As a major global producer of palm oil, the increase in tariffs in Malaysia will directly increase the export cost of palm oil. In the short term, it may slow down the export pace.
At the same time, the increase in raw material prices has further raised the cost of the global oil supply chain. This may affect the market conditions of domestic palm oil and oil chemical industries, and subsequent developments need to be continuously monitored, including the inventory levels at the production sites and changes in international demand.