The Finance Ministry of Indonesia has made an official statement about the imposition of zero duty on palm oil exports from the country instead of currently charged USD 50/MT.
No levies from palm exporters will be collected when domestic prices for crude palm oil are USD 570/MT or lower, but USD 25/MT will be charged once its prices are in a range of USD 570-615/MT. The levy will be restored USD 50 when prices hit above USD 619/MT.
Export duties on crude palm kernel oil, crude palm olein, crude palm stearin and crude palm kernel stearin will be set according to the same principle.
In the opinion of market participants, owing to the imposition of zero duty on palm oil exports, Indonesia may shortly become the top supplier of this product to foreign markets, reports UkrAgroConsult.
Detailed analysis of the latest trends in oilseeds/vegoils/meals exports, palm oil imports, supply and demand balances with breakdown by crop as well as crop conditions and progress in planting/harvesting in the countries of Black Sea Region is available to subscribers for weekly market report “Black Sea Vegoils” by UkrAgroConsult.
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