A worker collects palm fruits on a plantation
KYIV. UkraineGate. 17. July . 2022 | World News.
Indonesia canceled export duties on all palm oil products until August 31. This decision was made to increase exports and reduce high stocks.
Details
Indonesia, as the world’s biggest palm oil exporter, could further reduce prices, which have fallen by about 50% since late April to their lowest level in a year.
Local producers are grappling with high inventories after the country imposed a three-week export ban until May 23 to lower domestic prices for the commodity.
Since the ban was lifted, Jakarta has implemented mandatory local sales rules to keep produce at home for processing into oil.
The abolition of the levy is aimed at further supporting exports.
Finance Minister Sri Mulyani Indrawati said a progressive export tax on palm oil will be introduced from September 1 at a rate of between $55 and $240 per tonne of crude palm oil, depending on prices.
According to the Indonesian Palm Oil Association (GAPKI), there were 7.23 million tonnes of crude palm oil in storage tanks as of the end of May.
Source: Ukrgate
