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Indonesia Export Tax's Impact on CPO Limited-BarCap

Kompas.com - 06/09/2011, 12:38 WIB

KOMPAS.com - Indonesia's new export tax rate on palm oil will have limited impact on BMD CPO as investors turn their focus to global macroeconomic fears and the price-supportive lower soybean acreage in the U.S..

Barclays Capital analyst Chen Xin Yi says; the sharp reduction of a maximum export tax on refined palm olein to 13% from the current 25% is expected to improve refining margins in Indonesia

"Allowing “them to be more price competitive than Malaysia“ and garner larger market share in the longer term, Chen says in a note; but, with palm oil sector accounting for 3.3% of Malaysia's GDP in 2010.

Malaysia may take steps to keep its exports competitive, she adds. “We expect little impact on CPO ...as long as Bursa Malaysia continues to retain its competitiveness over other exchanges and retain BMD as the global price benchmark for the palm oil market.“

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