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Vegetable oil imports rise 5 pct in August


Date: 17-09-2019
Subject: Vegetable oil imports rise 5 pct in August
In response to a petition filed by the SEA, the government imposed 5% safeguard duty on RBD Palmolein/Palm Oil of Malaysian origin wth effect from September 4, 2019.

Imports of vegetable oils during August 2019 were up by 5% to 1,586,514 tonne as compared to 1,512,597 tonne in August 2018, consisting 1,523,261 tonne of edible oils and 63,253 tonne of non-edible oils.

However the overall import of vegetable oils during November 2018 to August 2019 is reported at 12,867,486 tonne compared to 12,278,673 tonne during the same period of last year i.e. up by 5%, according to the data compiled by the Solvent Extractors’ Association of India for August 2019.

During the last few months, due to duty advantage given to Malaysia for palmolein under India-Malaysia CECA agreement, the country flooded with RBD Palmolein from Malaysia following reduction of duty difference from 10% to 5% between CPO and Palmolein sourced from Malaysia with effect from January 1, 2019 and import of RBD Palmolein jumped by 727% during January – June 2019 (1,566,313 tonne compared to the imports during the same period of 2018 (189,445 tonne).

In response to a petition filed by the SEA, the government imposed 5% safeguard duty on RBD Palmolein/Palm Oil of Malaysian origin wth effect from September 4, 2019.

Source: financialexpress.com

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