India 10% increased import duty on vegetable oil
the Increase by the Indian government on 14 June and import duties for vegetable oils will lead to a further decline in prices on world markets.
Import duties was increased as follows:
crude soybean oil, from 30% to 35%,
crude oil from 35% to 45%.
- crude sunflower and rapeseed oil – from 25% to 35%,
processors Association of India reported that the total stock of vegetable oils in the country reached a record high of 2.66 million tonnes, which puts pressure on domestic prices and reduces demand for imported oil.
Before the introduction of the new duties, importers have tried to import more vegetable oils. In may, India imported 330,985 thousand tons of sunflower oil, which is 35 thousand tons exceeded imports April and became the largest import volume for the month since 1994.
the total import of vegetable oils in may has decreased in comparison with April by 9% to 1.25 million tons, in particular, the import of palm oil fell by a third.