India Nov Veg Oil Imports Down Nearly 10% M/M At 11.33 LT - SEA

MUMBAI (Commoditiescontrol) - Import of Vegetable Oils (edible & non-edible) for the month of November 2018 dropped 9.8% at 11.33 lakh tonnes as compared to 12.56 lakh tonnes in October 2018 and down 9.2% from 12.48 lakh tonnes same period a year ago, according to The Solvent Extractors’ Association of India (SEA).

India had signed a comprehensive Economic Cooperation Agreement (MICECA) with Malaysia on 27th October 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 1.1.2012 to 31.12.2019 and the upper limit of the tariff was fixed, said B.V Mehta, Executive Director, SEA.

Currently, under MICECA India has imposed highest import duty on CPO at 44% and RPO 54% w.e.f. 14th June 2018. According to MICECA, the CPO & RPO upper limit of duty to be revised downward to maximum 40% to 45% respectively latest by 31st December 2018, Mehta said.

“In anticipation of likely reduction of import duty by Indian Government on palm oil by 31st Dec.,2018, shipment has slowed down for time being, which likely to pick up from January’19 and onwards. Also palm oil,” Mehta noted.

Prices are historical low of last 10 years and spread between palm and soft oil has increased, which has made palm oil more attractive to import by India, said Mehta.






(By Commoditiescontrol Bureau; +91-22-40015533)