Malaysia exported almost 607 thousand tons of palm oil to foreign markets in the period from October 1 to October 15, according to data from the independent inspection company AmSpec Agri Malaysia, which recorded an increase in sales of the product compared to the same period last month by more than 5%.
Experts of Intertek Testing Services, in turn, estimated an increase in Malaysia palm oil shipments in the period under review at 7.3% – up to 623.2 thousand tons.
“At the same time, the increase is observed against the background of a decrease in palm oil production in Malaysia,” the experts noted.
The National Palm Oil Board on the previous day reported the preservation of the tax on exports of crude palm oil from the country at 8% in November.
At the same time, the base price for the product next month will be reduced to 3,556.08 ringgit ($751) per tonne, down from 3,710.50 ringgit ($791) per tonne in October.