Indonesia keeps March palm oil, cocoa export tax unchanged

Feb 23 (Reuters) - Indonesia will keep its palm oil and cocoa bean export tax for March unchanged from February at 25 percent and 10 percent respectively, a trade ministry official said on Wednesday, confirming an earlier Reuters report.

The base export price for crude palm oil (CPO), which is used to calculate the export tax in the world's largest producer of the oil, will be set at $1,222 a tonne, up from $1,194 a tonne in February, the official said.

The tax aims to ensure domestic requirements are met in Southeast Asia's biggest economy and to reduce volatility in local cooking oil prices, and may spur more domestic processing for palm oil products.

The export tax has caused concern among many producers, who claim it complicates trading and curbs investment.

The base export price for cocoa beans in the world's third largest cocoa producer is to be set at $3,021 a tonne, the official added.

(Source: http://www.reuters.com/article/2011/02/23/agriculture-indonesia-tax-idUSL3E7DN0XU20110223)