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The Decreasing Tax Made the Exports to China Increase 23%



The Decreasing Tax Made the Exports to China Increase 23%

InfoSAWIT, JAKARTA – If India and European Union decreased their imports, it did not happen in China. According to Indonesian Palm Oil Association (IPOA),in the first semester 2018, the crude palm oil (CPO) and its derivative import volume in China reached 343,31 thousand tons or increased 23% compared to the same period in last year, orfrom 1,48 milliontonsto be 1,82 milliontons.

The increasing import volume to China happened for the decreasing value – added tax for vegetable oil, from 11% to be 10% which was effective since 1 May 2018. Besides the escalation of trade war between China and United States of America did influence the CPO demands and its derivatives.

For the first time ever since the trade war runs, in June, China did biodiesel import from Indonesia. The imported biodiesel volume was significant, reaching 185,86 thousand tons. “It is predicted, if the war trade keeps running, the CPO and biodiesel to China would be better,” Executive Director ofIPOA, Mukti Sardjono said in the official statement toInfoSAWIT. (T2)

 


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