Indonesia to Cut Maximum Combined Palm Oil Export Tax and Levy: Trade Minister

Indonesia to Cut Maximum Combined Palm Oil Export Tax and Levy: Trade Minister
Trucks with palm oil fresh fruit bunches queue for unloading at a factory in West Aceh, Indonesia, on May 17, 2022. Antara Foto/Syifa Yulinnas/ via Reuters
Reuters
Updated:

JAKARTA—Indonesia will slash its combined maximum crude palm oil export and levy rate to $488 per metric ton from $575 to encourage shipments, Trade Minister Muhammad Lutfi said on June 7.

Indonesia, the world’s biggest palm oil producer, has allowed palm oil exports to resume after a three-week ban, although progress has been slow due to red tape, keeping palm mills’ storage tanks full.