Palm Oil Export Tax Indonesia Remains at $18/Ton in March 2017
Indonesia kept its export tax for crude palm oil (CPO) shipments at USD $18 per metric ton for March 2017 as the government's March reference CPO price was determined at USD $825.8 per ton, up 1.27 percent (m/m) from the reference price in the preceding month. When this reference CPO price of Indonesia is set below USD $750 per ton, the export tax is scrapped. When the price reaches the range of USD $750 - $800, then Indonesian authorities introduce a USD $3 per ton export tax, followed by a USD $18 per metric ton export tax if the reference price rises to the range of USD $800 - $850 per ton.
Visible in the table below Indonesia's reference CPO price made a solid recovery in 2016, rising 41.5 percent between the first month of 2017 compared to the first month of 2016. This price rise is a boon for Indonesia's palm oil producers and exporters. For example, net profit of Astra Agro Lestari, Indonesia's biggest agribusiness company by value, surged a whopping 224 percent (y/y) to IDR 2 trillion (approx. USD $150 million) in full-year 2016.
Indonesia is the world's largest producer and exporter of palm oil (followed by Malaysia), thus this sector is a key foreign exchange earner and provider of employment opportunities.
Indonesia's Reference Crude Palm Oil Price:
| Month | 2015 Price (in USD/ton) |
2016 Price (in USD/ton) |
2017 Price (in USD/ton) |
| January | 669.4 | 557.2 | 788.3 |
| February | 678.5 | 628.9 | 815.5 |
| March | 662.0 | 618.8 | 825.8 |
| April | 654.6 | 713.1 | |
| May | 653.2 | 703.1 | |
| June | 665.0 | 689.5 | |
| July | 630.6 | 658.0 | |
| August | 593.3 | 734.8 | |
| September | 526.9 | 768.6 | |
| October | 578.2 | 722.0 | |
| November | 552.2 | 743.2 | |
| December | 560.2 | 749.5 |
Source: Trade Ministry of Indonesia
Indonesian Palm Oil Production and Export Statistics:
| 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | |
| Production (million tons) |
19.2 | 19.4 | 21.8 | 23.5 | 26.5 | 30.0 | 31.5 | 32.5 | 31.5 |
| Export (million tons) |
15.1 | 17.1 | 17.1 | 17.6 | 18.2 | 22.4 | 21.7 | 26.4 | 25.1 |
| Export (in USD billion) |
15.6 | 10.0 | 16.4 | 20.2 | 21.6 | 20.6 | 21.1 | 16.5 | 17.8 |
Sources: Indonesian Palm Oil Producers Association (Gapki) & Indonesian Ministry of Agriculture
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