Indonesia's H1 palm oil exports seen lower on refined oils

JAKARTA: Indonesia's first half palm oil exports are estimated at 17.4 million tonnes, down from 18.4 million tonnes, Sahat Sinaga, executive director at Indonesia Vegetable Oil Industry Association (GIMNI), told reporters on Thursday

"Much of the decline was in the refined products, crude (palm oil) exports went up," Sinaga said, blaming the change in the palm exports levy for the drop in refined products exports

The Indonesian government temporarily removed its export levy on palm oil to help reduce costs of exports. Crude palm oil previously carried the highest export levy to encourage companies to refine products onshore

Exports of crude palm oil in the first half are estimated at around 5 million tonnes.