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KUALA LUMPUR: The crude palm oil (CPO) export duty collection for the first five months of 2021 is estimated to have increased by more than five times to RM564.82 million compared to RM111 million in the same period in 2020.
In a statement today, the Ministry of Plantation Industries and Commodities (MPIC) said it is currently studying several mechanisms in order to ensure that the people would benefit from the rise in CPO prices while minimising its negative impact.
"For example, there has been a suggestion to set up a special mechanism to address the issue of rising unsubsidised oil prices,” it said.
Meanwhile, the Windfall Profit Levy for CPO is estimated to rise to RM950 million this year compared to only RM165 million in 2020.
This projection is premised on the fact that the CPO price had increased to more than RM3,500 per tonne from January to May 2021, and it is also expected to be at more than RM2,500 per tonne up to December.
The increase in CPO prices is seen to have a more positive impact on the society, and in principle, the increase in CPO prices in the global market will have a series of economic impacts such as boosting the national income as well as that of the smallholders and increasing cooking oil retail prices, it said.
"The agri-commodity sector, especially the oil palm sub-sector, will continue to play a role in contributing to a more positive economic outlook throughout the year as well as ensuring the well-being and prosperity of more than 500,000 smallholders nationwide,” the MPIC said.
Last year, Malaysia exported 17.40 million tonnes of CPO, equivalent to 18.3 per cent of the world’s total vegetable oil and fats exports.
The palm oil and palm oil-based products’ contribution to the country’s export earnings had also increased to RM73.25 billion last year from RM67.55 billion in 2019.
The oil palm sub-sector’s contribution to the nation’s gross domestic product (GDP) stood at RM48.31 billion last year -- equivalent to 56.8 per cent of the agri-commodity’s total contribution to the GDP.
As of the second quarter of 2021, exports of palm oil-based products -- which accounts for 43 per cent of total agri-commodities’ exports -- rose to RM46 billion from RM33 billion last year. - Bernama