RSS   Newsletter   Contact   Advertise with us

Indonesia scraps export for crude palm oil, rises for cocoa

Staff Writer | April 29, 2017
The Indonesian government has abolished export tariff for crude palm oil (CPO) for May shipment due to falling prices of the commodity, and rising export tax for cocoa.
Crude palm oil
Food trade   Falling prices of the commodity
Trade ministry disclosed that it has decreased the CPO export tariff to zero for exportation in May from 3 percent at the shipment in April, according to the ministry's statement received by Xinhua.

Director General for Foreign Trade of Trade Ministry Oke Nurwan said the crude palm oil reference price in May was down 4.05 percent to 732.01 U.S. dollar per metric ton.

"Now the reference price for CPO falls again that leads the government abandon the export tariff," he said.

For cocoa, the ministry rose its export tax to 5 percent for May shipment from zero percent for exportation in April as prices of the commodity rise, the official said.

The reference price for the commodity for May was up to 4.23 percent to 83.36 U.S. dollars, he added.

Indonesia is the world's largest producer and exporter of palm oil, and among the world's top three cocoa producer along with Ghana and Cote d'Ivoire.