India. Vegetable oil imports dip 9% in November

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The country’s import of vegetable oils during November 2018 has been reported at 11,33,893 tonne as compared to 12,56,433 tonne in October 2018 and 12,48,810 tonne in November, 2017, down by 9%.

The country’s import of vegetable oils during November 2018 has been reported at 11,33,893 tonne as compared to 12,56,433 tonne in October 2018 and 12,48,810 tonne in November, 2017, down by 9%.

The country’s imports of palm oil in November stood at 6,91,827 tonne, while soyoil imports were 2,03,734 tonne, the Solvent Extractors’ Association of India said in a statement.

According to the association, in anticipation of likely reduction of import duty by India on palm oil by December 31, 2018, shipment has slowed down for the time being, which is likely to pick up from January 2019 onwards.

India had signed a comprehensive Economic Cooperation Agreement (MICECA) with Malaysia on October 27, 2010.

As per provisions of MICECA agreement between India and Malaysia for MFN tariff, import duty on CPO and refined Palm Oil and others will gradually reduce from base rate for the period January 1, 2012 to December 31, 2019 and the upper limit of the tariff was fixed.

Also, palm oil prices are at historical low of last 10 years and the spread between palm and soft oil has increased, which has made palm oil more attractive to import by India.

Currently, under MICECA, India has imposed highest import duty on CPO at 44% and RPO at 54% with effect from June 14, 2018. According to MICECA, the CPO and RPO upper limit of duty are to be revised downward to maximum 40% and 45%, respectively, latest by December 31, 2018.

financialexpress.com

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