Top Palm Oil Growers Scrap Export Tariffs in Buyer Battle
This article is for subscribers only.
The world’s two biggest palm oil producers cut export taxes on most shipments to zero, seeking to lure buyers amid a global glut in edible oils that sent prices to a five-year low.
Crude shipments of the most-used cooking oil from Indonesia will not attract any tariff in October, down from 9 percent this month, said Bayu Krisnamurthi, the deputy trade minister. It’s the first time since December 2009 that the rate has been zero in Indonesia, the biggest producer, data compiled by Bloomberg show. Malaysia, the second-largest, earlier this month made exports tax-free for two months through October.