Indonesia halts export levy on crude palm oil amid global price drops
The government of Indonesia has halted export tax imposed on crude palm oil and its derivative products until next year to ease the financial burdens of palm oil producers amid a drop in prices on the world market.
Palm nuts harvested in Pelalawan regency of Riau province, Indonesia (Photo: AFP/VNA)
Jakarta (VNA) – The government ofIndonesia has halted exporttax imposed on crude palm oil andits derivative products until next year to ease the financial burdens of palmoil producers amid a drop in prices on the world market.
Theexport tax was suspended until January next year as the government officiallybegins the implementation of its mandatory B-30 biodiesel programme, said EconomicCoordinating Minister Darmin Nasution on September 24.
The suspension had been approved by President Joko Widodo, Darmin said,adding that he hopes the implementation of the B-30 biodiesel policy, which wassupposed to significantly raise the demand for palm oil, would be able to boost palm oil prices in the domestic market.
Based on the latest Indonesian FinanceMinistry regulation, the country wouldhave collected an export tax of up to 25 USD per tonne ifprices hovered between 570 USD and 619 USD per tonne and upto 50 USD if theprices go beyond 619 USD per tonne.
As of September 20, the crude palm oil price was at 574.9 USD per tonne and it is expected to slightly fall to 570 USD per tonne untilthe end of this year.
In 2018, a similar slumpin crude palm oil prices also prompted the government to suspend the exportlevy./.
Indonesia on August 5 reported its lowest rate of quarterly growth in two years as Southeast Asia's biggest economy has been affected by US-China trade tensions.
The palm oil industry was responsible for at least 39 percent of forest loss on the biodiversity-rich island of Borneo between 2000 and 2018, according to data from the Centre for International Forest Research (CIFOR), a research firm based in Indonesia.
Indonesia will prioritise importing buffalo meat, rice and raw sugar from India, which agreed to adjust crude palm oil (CPO) tariff for the country earlier this month.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
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The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
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Palm nuts harvested in Pelalawan regency of Riau province, Indonesia (Photo: AFP/VNA) 
