JAKARTA (TheInsiderStories) – Indonesia Ministry of Trade will keep the export tax for cocoa unchanged at 5 per cent in April and zero for crude palm oil (CPO), the Trade Ministry said on Tuesday.
The government raised its tax for cocoa bean exports in March after assuming a reference price of more than $2,000 a ton. The reference price for April is $2,368.4 a ton, the ministry said.
The government charges zero export tax for CPO when the reference price is seen below a threshold of $750 per tonne.
Earlier this month, India raised import taxes on crude and refined palm oil to the highest in a decade, prompting buyers to cancel up to 100,000 tons of cargoes.
Shipment of crude palm oil (CPO) from Indonesia to overseas rose significantly last year as demand from foreign nations up according to the association, with total export grew 21 per cent to 32.184 million ton last year.
The hike of demand comes from China, the United States, India, Africa, the European Union, Pakistan and Bangladesh.
Meanwhile, Trade Ministry Official Okke Nurwan outlined the volatility of global commodity prices has affected the determination of Export Benchmark Price (HPE) of mining products subject to export duty for the period of April 2018.
The benchmark for some mining products has increased due to the fluctuation of international prices. Only copper concentrate products, lead concentrate, zinc concentrate, rutile concentrate, and bauxite derived products.
A number of mining products subject to export duties are copper concentrate, iron concentrate, laterite iron concentrate, iron sand concentrate, iron sand concentrate pellet, manganese concentrate, lead concentrate, zinc concentrate, ilmenite concentrate, rutile concentrate, nickel and washed bauxite.
In April 2018, the concentrate of iron was set at an average price of $54.20 / WE or increased by 0.79 per cent, laterite iron concentrate with an average price of $27.70 / WE or increased by 0.79 per cent, manganese concentrate (Mn ≥ 49 per cent) with an average price of $365.95 / WE or increased by 15.64 per cent, iron sand concentrate with an average price of $32.36 / WE or increased by 0.79 per cent, ilmenite concentrate (TiO2 ≥ 45 per cent) with an average price of $233.56 / WE or an increase of 2.63 per cent, and nickelwith an average price of $19.71 / WE or an increase of 1.30 per cent.
Written by Elisa Valenta, email: email@example.com