SEA demands increase in veg oil import duty amid surge in imports
The Dollar Business Bureau | @TheDollarBiz The Solvent Extractors’ Association of India (SEA) has reiterated its demand to increase import duty on crude vegetable oils from 2.5% to 10% and refined vegetable oils from 10% to 25% to prevent a price dip during the harvest season of major oil crops in India which has commenced in some parts of the country. According to SEA data, India’s total vegetable oil imports in September 2014 declined from the previous month but is still up about 21% from September 2013. Overall, India’s exports in April – September 2014 stood at around 6.24 million tonnes, which is up about 24% from 5.03 million tonnes in the corresponding period last year. Source - SEA High imports ...
Indias veg oil imports hit a record high in Aug; SEA proposes hike in import duty
The Dollar Business Bureau | @TheDollarBiz India’s imports of vegetable oil have skyrocketed to 13.3 lakh tonnes in August 2014, which is up about 76% from year-ago levels and the highest volume imported in a single month since India allowed oil imports under the Open general License (OGL) in 1994. The Solvent Extractors' Association of India (SEA), which has around 875 veg oil companies as members, says that the previous highest monthly veg oil imports was seen in January 2013 at 11.6 lakh tonnes. Despite low production of soybean in India this year, low global prices and burgeoning stocks in key vegetable oil exporting countries, Malaysia and Indonesia, continue to spur imports by India. The FAO vegetable oils sub-index ...
