Indonesia 2011 cocoa bean exports seen dropping 20 percent

Indonesian cocoa bean exports in 2011 are seen dropping as much as 20 percent to about 345,000 tonnes because of increasing domestic consumption as firms invest in local grinding, the country's industry minister said on Friday.
The government slapped an export tax on cocoa beans for the first time last year in an effort to encourage local refining, as it seeks to spur value-added industries rather than simply being an exporter of base commodities. "Our estimation is for cocoa bean exports in 2011 to drop 20 percent, mainly because cocoa bean domestic consumption is increasing in line with our growing cocoa grinding capacity," Mohammad Hidayat told Reuters on the sidelines of an industry event. Hidayat said exports last year from the world's third largest cocoa producer were 432,000 tonnes.