Gov’t Reimposes Export Duty after CPO Prices Rebound
Jakarta. The Trade Ministry will reimpose export duty on crude palm oil after its reference price surged by nearly 6 percent to $791 per ton for the period of July 16 through 31, an official said on Saturday.
According to a finance minister regulation, the price threshold liable to export duty is $680 per ton.
"Based on the existing finance minister regulation, the government will impose a levy of $33 per ton and an export duty of $85 per ton for the period of July 16-31,” Budi Santoso, Trade Ministry’s director of international trade, was quoted by Antara news agency as saying.
Indonesia, the world’s biggest CPO producer, exported 10.6 million tons of palm oil in the first four months of 2023, according to data from the industry association Gapki.
Palm oil export volume throughout 2022 reached 33.9 million tons.
Monthly palm oil exports in April stood at a mere 2.1 million tons, the lowest since May 2022.
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