JAKARTA, NNC - After considering various recommendations, the Ministry of Trade has set the benchmark price of Crude Palm Oil (CPO) products for the determination of export duty for the period of March 2018 at US $708.60 per metric ton (MT).
Oke Nurwan, Director General of Foreign Trade at the Ministry of Trade, said the benchmark price rose by $14.33 or 2.06 percent from the period of February 2018 which amounted to $694.27/MT.
"CPO reference price is rising, but remain at levels below $750/MT. To that end, the government has imposed CPO export duty of $0/MT for the period of March 2018," Nurwan said in a press release on Monday (02/26).
According to him, this stipulation is elaborated in Trade Minister Regulation No. 40 Year 2018 concerning Export Benchmark Price (HPE) on Agricultural and Forestry Products Subject to Export Duty.
The export duty of CPO for March 2018 is contained in Column 1 of Attachment II Letter C of the Minister of Finance Regulation no. 13/PMK.010/2017 for $0/MT. The value is the same as CPO export dutyfor the period of February 2018 of $0/MT.
Meanwhile, the benchmark price of cocoa beans in March 2018 also increased by $110.15 or 5.78 percent from $1,906.42/MT to $2,016.57/MT. This resulted in the determination of export benchmark price of cocoa beans which rose by $107 or 6.55 percent from $1,634/MT in the previous month to $1,741/MT in March 2018.
Oke Nurwan added that the rise of cocoa reference price and cocoa beans export benchmark price was due to the strengthening of international prices. This reinforcement has impacted export duty of cocoa beans which rose to 5 percent. It is mentioned in column two of Attachment II Letter B of Regulation of the Minister of Finance No. 13/PMK.010/2017.
Meanwhile, the benchmark export price and export duty of wood products and leather products were unchanged from the previous month period.