Indonesia cut the reference price of CPO by 10%
JAKARTA. The Ministry of Trade cut the reference price of Crude Palm Oil (CPO) for the stipulation of export duty by 10.42% to US$ 568.94 per metric ton for June 2020.
Wisnu Wardhana, Director General of Foreign Trade at the Ministry of Trade, said that for June 2020, CPO was still exempt from export duties. "At the moment, the CPO reference price is below the level of US$ 750 / MT. For that reason, the government imposes an export duty of US$ 0 / MT on CPO for June 2020," Wardhana explained through a press release.
Meanwhile, the reference price for cocoa beans for the same period was set at US$ 2,392.59 per metric ton, 4.79% higher than its price for May 2020.
The increase in the reference price of cocoa beans, according to the Ministry of Trade, was caused by the strong price of cocoa beans on the international market. Nevertheless, the increase in the reference price of cocoa beans did not change the value of export duty (5%), in accordance with the Minister of Finance Regulation No. 13 of 2017. (KR/AR)