Indonesia palm oil industry urges gov't to ease export curbs as harvest to worsen oversupply

JAKARTA : Indonesia's palm oil industry is urging authorities to ease export restrictions and taxes so it can sell produce that risks going to waste, as an upcoming harvest season is likely to keep inventories at full capacity.

That caused palm prices to spike and wiped about $2 billion off export earnings for Southeast Asia's largest economy. Cooking oil prices have fallen below the government's target in Java and Bali but are above elsewhere, official data showed. Almost a million tonnes of fresh fruit bunches were left to rot in May and June, said Gulat Manurung, chairman of farmers group APKASINDO.

Further pressuring inventories, Indonesia is set to enter peak harvest season in August to September when it typically produces 4.5 million tonnes of crude palm oil a month, a third of which is usually used locally, the source said. The government has said DMO is not the problem. It has established an export quota of 5.4 million tonnes based on DMO but less than half has been used, said a spokesperson at the Coordinating Maritime and Investment Ministry.

Россия Последние новости, Россия Последние новости

Similar News:Вы также можете прочитать подобные новости, которые мы собрали из других источников новостей

Indonesia plans new incentives to boost palm oil exports-deputy Finance MinisterJAKARTA : Indonesia plans to bring in new rules on its palm oil export levy and incentives soon to boost exports and empty storage tanks, an official said, the latest attempt to boost shipments after the ending of an export ban in May.The government is still weighing up the rate of the new levy and the in export ban is a blunder
Источник: ChannelNewsAsia - 🏆 6. / 66 Прочитайте больше »

Indonesia plans new, temporary incentives to boost palm oil exports-deputy Finance MinisterJAKARTA : Indonesia plans to bring in new rules on its palm oil export levy and incentives soon in an attempt to boost exports and empty storage tanks, its deputy finance minister Suahasil Nazara told Reuters.The government is still mulling the rate of the new levy and the incentives, which will be applie
Источник: ChannelNewsAsia - 🏆 6. / 66 Прочитайте больше »