Malaysia considers suspending crude palm oil export tax as stocks hit record

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29.10.2026

Malaysia considers suspending crude palm oil export tax as stocks hit record — Palm oil tax may be suspended

Malaysia’s Ministry of Finance is assessing a proposal to temporarily suspend the crude palm oil export tax as the world’s second-largest palm oil producer faces a stockpile at a record high. The move could boost demand and reduce inventories after Malaysia’s palm oil stocks hit a record 3.51 million tonnes in September.

Highlights

Malaysia is considering suspending the crude palm oil export tax for three to five months as stocks hit a record.
Suspending the export tax is expected to help boost overseas demand and speed up the reduction of very high palm oil inventories.
A similar measure was taken in 2020 when inventories exceeded two million tonnes, showing that the government is prepared to use tax relief as a policy tool.

This article was translated from the original. Read the original version by our correspondent here.

Policy proposal to reduce excess stocks

As reported by The Edge Malaysia, citing Bloomberg News last week, Malaysia’s Ministry of Finance is considering a proposal to temporarily suspend the crude palm oil export tax. Plantations and Commodities Minister Datuk Seri Dr Noraini Ahmad told Parliament on Thursday that the relevant ministries would submit their views and economic analysis to help the government consider the policy, taking the interests of the palm oil industry into account.

Noraini said the decision on the proposal falls under the Ministry of Finance’s purview. She was responding to a question about whether Malaysia would temporarily suspend the duty for three to five months.

Implications for Malaysia’s palm oil industry

Suspending the export tax could support overseas demand and speed up the reduction of stocks, which are currently at a very high level. The issue has come into focus as Malaysia’s palm oil industry seeks to stabilise supply and trade flows amid rising inventory pressures.

Malaysia previously waived the crude palm oil export duty for six months in 2020 after inventories exceeded two million tonnes. That earlier move suggests that tax relief could be used again as a policy tool to manage excess supply in one of the country’s key commodity sectors.

In our earlier report on the decline in Malaysia’s crude palm oil reference price for November, we explained that the lower reference price was still insufficient to reduce the export duty, keeping it at the maximum rate of 10%. We also discussed how changes to the reference price and tax structure directly affect monthly export costs and the competitiveness of Malaysia’s palm oil trade.

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