MARKET DEVELOPMENT
Indonesia keeps CPO export tax at zero, cocoa at 5 pct for January
Indonesia keeps CPO export tax at zero, cocoa at 5 pct for January
26.12.2018 (Reuters Africa) - * Indonesia will keep the export tax for crude palm oil (CPO) at zero and the export tax for cocoa at 5 percent for January, Oke Nurwan, a senior official of the trade ministry, said on Wednesday
* Both tax rates will be unchanged from December, as the reference prices for the two commodities are expected to remain below a certain threshold
* CPO export tax has stayed at zero since May 2017 due to low prices
* Indonesia also keeps CPO levy at zero to boost competitiveness of the vegetable oil in the overseas market as the reference price for January is set at $530 per tonne, below the threshold of $570 per tonne (Reporting by Bernadette Christina Munthe Editing by Mark Heinrich)