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24 September 2021: News on Minister of Trade Regulation: Benchmark of Export Price on Agriculture & Forestry Products Levied with Export Duty
Indonesia's Minister of Trade issued regulation concerning the benchmark of export price (Harga Patokan Ekspor / "HPE") on agriculture & forestry products levied with export duty on 24 September 2021, the Minister of Trade Regulation Number 56 Year 2021 ("Regulation"). This Regulation stipulated the provisions to be effective as of 1 October 2021.
The Regulation clarifies that such export duty tariff is guided by, having its reference from the average measured price of CIF CPO from Rotterdam, Malaysian & Indonesian market; and for cacao nut, from the average measured price of CIF Cacao Nut from Intercontinental Exchange (ICE) New York.
The Regulation also stipulates the benchmark of export price (HPE) for other agriculture and forestry commodities like Wood, Leather, RBD Palm Olein, all is listed in its Appendix.
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