Indonesian President Joko Widodo has asked Indian Prime Minister Narendra Modi to lower the import duty on palm oil products from Indonesia during a meeting of the two heads of state at Jakarta State Palace. The influential Jakarta Post reported yesterday Wednesday.
In February, the Indian government increased the import duty on crude palm oil from 30% to 44%. In addition, the import duty on refined palm oil products has been increased from 40% to 54%.
According to the Association of Palm Oil Producers of Indonesia (GAPKI), palm oil exports reached 7.6 million tonnes last year. That's a 32% increase on exports in 2016.
In 2017, 24% of Indonesia's palm oil exports were delivered to India.
Last year Indonesia increased its palm oil exports by 23% to 31.05 million tonnes. The Indian government then increased its import duty on palm oil. Before the increase, in November 2017, it had raised tariffs on raw palm oil from 15% to 30% and for refined palm oil from 25% to 40%.
Ministry of Economic Affairs coordinator Darmin Nasution said that India has increased its tariff on palm oil three times in a year and a half, which is placing a heavy burden on Indonesian exports to India.
In February, the Indian government increased the import duty on crude palm oil from 30% to 44%. In addition, the import duty on refined palm oil products has been increased from 40% to 54%.
According to the Association of Palm Oil Producers of Indonesia (GAPKI), palm oil exports reached 7.6 million tonnes last year. That's a 32% increase on exports in 2016.
In 2017, 24% of Indonesia's palm oil exports were delivered to India.
Last year Indonesia increased its palm oil exports by 23% to 31.05 million tonnes. The Indian government then increased its import duty on palm oil. Before the increase, in November 2017, it had raised tariffs on raw palm oil from 15% to 30% and for refined palm oil from 25% to 40%.
Ministry of Economic Affairs coordinator Darmin Nasution said that India has increased its tariff on palm oil three times in a year and a half, which is placing a heavy burden on Indonesian exports to India.
