Malaysia lowers November crude palm oil reference price, export duty remains at 10%

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14.10.2026

Malaysia lowers November crude palm oil reference price, export duty remains at 10% — Palm oil prices decline

Malaysia has lowered its November crude palm oil reference price while the country's export tax structure continues to maintain the highest rate for prices above a certain threshold. The move is significant for the palm oil sector, as the country is the world's second-largest palm oil exporter and changes in the reference price affect monthly export costs.

Highlights

Malaysia set its November crude palm oil reference price at RM4,323.78 per tonne, down from RM4,452.66 per tonne in October.
Palm oil export duty remains at the maximum rate of 10% because the reference price is still above RM4,050 per tonne despite the decline.
The decline in the reference price was not enough to reduce the duty rate, keeping export costs stable amid regional competition for Malaysian exporters.

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

November reference price and duty rate

As reported by The Edge Malaysia, citing the Malaysian Palm Oil Board, Malaysia's November crude palm oil reference price was set at RM4,323.78 per metric tonne, lower than October's reference price of RM4,452.66 per tonne. The new level keeps the export duty at 10%, the same as in the previous month.

A circular published on the board's website on Wednesday showed that the maximum tax rate remains in effect because the reference price is still above RM4,050 per tonne. Under the existing tax structure, export tax on crude palm oil starts at 3% for the price range of RM2,250 to RM2,400 per tonne.

Implications for palm oil trade

The retention of the 10% rate means the month-on-month decline in the reference price has not been sufficient to bring the duty burden down to a lower level for exporters. This maintains the same export cost environment for industry players, even though the November reference price declined compared with October.

For Malaysia, monthly changes in the reference price are closely watched because they affect trade flows in one of the country's key commodity sectors. As the world's second-largest palm oil exporter, any adjustment to the reference price and export tax can affect the competitiveness of regional shipments.

In our earlier report on the increase in Malaysia's palm oil stocks in September, we explained how higher production combined with weakening exports drove inventories sharply higher to 3.51 million tonnes. The article also detailed an increase in crude palm oil and palm kernel production, alongside declining palm oil exports and falling biodiesel exports, illustrating pressure on outflows as supply increased.

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