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Indonesia exempts CPO export tax for April shipment, cuts to five pct for cocoa

By:xinhua   Update:2020-04-01
JAKARTA, March 27 (Xinhua) -- Indonesia has decided to delete export tax for crude palm oil (CPO) for April shipment and trim export tariff for cocoa to five percent as the reference prices of the commodities have edged down at the global market, the Trade Ministry said here on Friday.

Those are compared with the CPO export tariff of three U.S. dollars per metric ton for March shipment and 10 percent for cocoa, Director General for Foreign Trade of the Trade Ministry Indrasari Wisnu Wardhana noted.

The CPO reference price for April shipment nudged lower by 16.9 percent to 653 dollars per metric ton on the monthly basis, below the threshold for the government to apply an export tax for the commodity, namely, 750 dollars per metric ton, he said.

"Consequently, the government does not apply a CPO export tax for April shipment," the director said in a statement.

For cocoa, according to him, its reference price for April shipment drifted lower 8.12 percent to 2,589.37 dollars per metric ton from a month earlier.

The Southeast Asian largest economy is the world's biggest producer and exporter of crude palm oil. Indonesia, which has about 12 million hectares of oil palm plantations across the vast-archipelagic country, produced 47.43 million tons of palm oil last year, nine percent higher than the outputs in the presiding year, according to data from the country's Oil Palm Growers Association.

The recurrent COVID-19 pandemic has made the country's CPO exports plunge by 35.5 percent to 2.39 million tons in January on the monthly basis, it said.