Indonesia to increase import taxes to protect local textile industry
The Indonesian government on Tuesday said that it will issue two protection policies, namely Safeguard Measures Import Duty (BMTP) and Anti-Dumping Import Duty (BMAD), for textiles in a bid to protect the local industry from surging imported textiles.
Workers produce clothes at a garment factory in Batang District, Central Java. Photo courtesy of Antara News.
The BMTP is a state levy to prevent the threat of serious losses suffered by the domestic industry as a result of a surge in the number of imported goods that directly compete with the domestic products.
Meanwhile, the BMAD will be an additional import duty.
Finance Minister Sri Mulyani Indrawati revealed that a protection policy for the textile and textile products industry from the invasion of imported goods will be issued.
After a cabinet meeting at the Presidential Palace in Jakarta, the minister said that two new regulations will be issued in accordance with the Minister of Trade and the Minister of Industry.
On the same occasion, Minister of Trade Zulkifli Hasan said that President Joko Widodo had agreed to release the policies to protect local industries.
Data from the Indonesia Statistics showed that the import value of clothing and accessories had shown an increasing trend during the first quarter of this year. In January, the import value was recorded at $12.26 million, then it increased to $20.87 million the next month. The value rose again in March to $23.98 million.
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