Malaysian palm oil exports to Iran soar 141.5% through May

In Malaysia, palm oil exports to Iran soared 141.5% on the year in the period through May to $174.1 million worth for 282,238 metric tons. Before the country imposed a cap on palm oil imports in 2014 to no more than 30% of domestic oil and fats consumption, the country imported nearly 1 million tons per year. Since March 2016, the import cap has been replaced with a 40% import tax compared to 24% for other imported vegetable oils.