A farmer harvests palm seeds in Riau, Indonesia. (Photo: AFP/VNA)
Jakarta (VNA) - Indonesia has temporarily waives its exportlevy for all palm oil products until August 31 in an attempt to beef up exportsand ease high inventories.
The decision by the world's biggest palm oil exporter couldfurther reduce prices, which have fallen by about 50% since late April to theirlowest in over a year.
Indonesian palm oil producers have been struggling with highinventories since the country imposed a three-week export ban through to May 23to reduce domestic cooking oil prices. Since lifting the prohibition, thenation has implemented rules on mandatory local sales - known as the domesticmarket obligation (DMO) – to keep produce at home to be made into cooking oil.
Finance Minister Sri Mulyani Indrawati said a progressivepalm oil export levy would be applied from the first day of September, withthe rate set between 55 and 240 USD per tonne for crude palm oil, depending onprices.
There were 7.23 million tonnes of crude palm oil in storagetanks at the end of May, according to data from the Indonesian Palm Oil Association(GAPKI) on July 15.
GAPKI welcomed the new measure, but recommended the removalof DMO rules until stocks drop to 3 million to 4 million tonnes./.
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A farmer harvests palm seeds in Riau, Indonesia. (Photo: AFP/VNA) 
