CPO reference price increases in December

Jakarta (ANTARA News) – The trade ministry has determined the reference price to set the export tax of crude palm oil (CPO) at US$742.94 per ton or an increase of 0.45 percent.

A number of recommendations were taken into account in raising the reference price by US$3.35 from last month to US$739.59 in November.

“Currently the CPO reference price is stronger but still is below US$750. The government, therefore, imposes no export tax on CPO for December 2017,” Foreign Trade Director General Oke Nurwan said in a written statement on Tuesday.

The decision is contained in a regulation of the trade minister No 88 of 2017 on export check price (HPE) on agricultural, forestry and animal husbandry products.

Meanwhile, the reference price for cacao bean for December 2017 also rose US$86.25 or 4.22 percent — from US$2,044.86 per ton to US$2,131.11.

The rise in the reference price resulted in an increase in the HPE on the commodity by US$84 or 4.75 percent from US$1,769 in November to US$1,853 per ton for December, 2017.

The rise in the reference price of cacao beans followed an increase in the prices of the commodity in international market.

The price hike and increase in HPE cause no change in the export tax on cacao beans of 5 percent at present.

Source: ANTARA News