RI EXPECTED TO ACHIEVE NEW RECORD IN TIN BAR EXPORTS

Jakarta, Aug 6 (ANTARA) - Indonesia is expected to achieve a new record in tin bar exports which are estimated to reach US$1.7 billion this year thanks to the upward trend in the commodity's price in the world market, a senior official said.
"I estimate that Indonesia's tin bar exports will reach US$1.6-US$1.7 billion this year as shipments of the commodity in the January-July period have reached US$1.085 billion," director for Mining and Industry Product Exports Affairs of the Directorate General for External Trade, Hartojo Agus Tjahjono said here on Wednesday.
He said the tin bar export performance was extraordinary this year because the one-billion level was usually reached after a period of one year.
Data available at the Trade Ministry show that Indonesia's tin bar exports in the February 2007 - February 2008 period were recorded at US$1.354 billion.
Agus said that actually the volume of Indonesia's tin bar exports did not increase drastically but the price of the commodity continued to spiral since the government imposed a tax on the tin bar exports in February 2007.
The price of one ton of tin bars which previously stood at US$9,000 had surged to US$23,000 per ton of late.
"The volume did not increase significantly. It is expected to reach 100,000 tons only," he said.
At present the volume of tin exports is not restricted but there are several conditions that have to be met such the purity of tin content which has to reach 99.85 percent and verification that has to be made before it is exported.
The Trade Ministry has issued the regulation in an effort to increase the country's foreign exchange reserves from tin exports and to improve the country's image as the world's third largest tin producer, he said.
Indonesia's tin bar exports in 2006 were recorded at 118,555 tons worth US$913 million.