Search Result for : Edible Oil Imports

The Dollar Business Bureau Solvent Extractors' Association (SEA) on Monday sought increase in duty on sunflower and soybean oils in order to protect interests of farmers. However, the edible oil industry welcomed the Government’s move of increasing the duty on the imports of crude and refined palm oils. Recently, the Government has increased import duty on crude palm oil to 44% from 30%, whereas custom duty on refined palm oil and refined palmolein has been increased to 54% from 40%. “We had been representing to the Government to increase duties on imported oils as our dependence on them has reached alarming levels of almost 70% of our consumption. We are happy at this hike,” SEA said in a statement. However, the industry body expressed ...

The Dollar Business Bureau The Government has raised the import duty on nearly all the edible oils in a bid to control cheap imports and to boost domestic prices to support the local refiners and farmers.  “Import duty on crude palm oil has been increased to 30% from 15% and on refined oil to 40% from 25%,” according to notification (No.87/2017-customs), issued by the Department of Revenue, Ministry of Finance. Import duty on sunflower oils, soyabean oil, canola/mustard oils, including crude as well as refined format, has been increased, the notification said. The basic custom duty on crude palm oil has been doubled to 30%, whereas the import duty on refined crude palm oil been raised to 40% from the current 25%, it said. In addition, ...

The Dollar Business Bureau The Government of India lifted a ban of nine years on bulk exports of some edible oils that include castor oil, coconut oil, groundnut, rice bran oil, soyabean and sesame. At present, edible oils export is permitted in branded packs up to 5 kg at a minimum export price (MEP) of $900 per MT. The government had banned the bulk export of edible oils nine years ago in 2008 to check price rise. “Exports of sesame oil, groundnut oil, soybean oil and maize (corn) oil in bulk, irrespective of any pack size, have been exempted from the prohibition on the export of edible oil,” Directorate General of Foreign Trade (DGFT) said in a notification (No.43/2015-20) issued on Monday. “Export of edible oils was initially prohibited for ...

The Dollar Business Bureau   India's import bill for edible oil is expected to increase by 15-20 percent during the current oil year, from November 2015-October 2016, due a significant rise in the crude palm oil prices in the world markets and a supply shortage in domestic market. A decline in production of edible oil in local market, and a sudden increase in demand on subdued prices over the last year, has broadened the supply deficit in India. During the oil year 2014-15, India’s vegetable oil (edible and non-edible) imports were about 14.5 million tonnes, amounting to Rs.60,000 crore. This is expected to increase to 16 million tonnes, worth Rs.75,000 crore, by the end of October 2016. According to the data compiled by Solvent Extractors' ...

The Dollar Business Bureau  India’s vegetable oil imports increased by 19% to 51.25 lakh tonnes in the first four months of oil year 2015-16 from 42.95 lakh tonnes in the same period of last year, according to the Solvent Extractors’ Association of India (SEA) data.  In February 2016, the imports of vegetable oils grew by 28% to 11.11 lakh tonnes, consisting of 10.94 lakh tonnes of edible oils and 16.50 thousand tonnes of non-edible oils, from 8.68 lakh tonnes a year ago.  “Current stock of edible oils as on March 1, 2016 at various ports is estimated to be at 9.10 lakh tonnes (crude palm oil 3.30 lakh tonnes, RBD palmolein 1.70 lakh tonnes, degummed soybean oil 3.20 lakh tonnes, crude sunflower oil 70 ...

 The Dollar Business Bureau India’s vegetable imports in February escalated by 28% as inbound shipments of edible oil grew up by a record margin. Last month, India imported 1.11 million tonnes of vegetable oil, comprising of 1.10 million tonnes of edible oils and 16.50 thousand tonnes of non-edible oils, as compared to 868. 17 thousand tonnes imported in February 2015. “The overall import of vegetable oils during first four months of the current oil year 2015-16, November 2015 – February 2016 is reported at 5.1 million tonnes compared to 4.30 million tonnes, up by 19%,” the Solvent Extractors’ Association said in a statement. During November 2015 – February 2016, import of RBD Palmolein (refined oil) surged to 789.06 thousand tonnes from ...

The Dollar Business Bureau    India’s vegetable oil imports grew by 24.77% to 1.41 million tonnes in December 2015 as compared to 1.13 million tonnes in December 2014, according to the latest report by the Solvent Extractors’ Association. The country imported 1.40 million tonnes of edible oil and 11.47 thousand tonnes of non-edible oil during the month. Overall import of vegetable oil during first two months of oil year 2015-16, i.e. November and December 2015, increased by 18% to 2.76 million tonnes from 2.33 million tonnes during the corresponding period of previous oil year. “It is a well-known fact that globally the prices of edible oil are historically low since 2008, and has affected the domestic players,” the Solvent Extractors’ Association (SEA) ...

The Dollar Business Bureau India’s dependence on vegetable oil imports has gone up by more than 70% during the current fiscal   Vegetable oil imports in the oil year 2014-15 surged by 23.64% as shipments of palm products as well as soft oils like soybean, sunflower and rapeseed (canola) grew by a record margin.  During the previous oil year (November 2014 to October 2015), imports of edible oil and non-edible oil increased to 146.1 lakh tonnes from 118.2 lakh tonnes in the oil year 2013-14.  Last month, vegetable oil imports reached 16.7 lakh tonnes - the highest in a single month since allowed in OGL (Oil and Gas Lease) in 1994, up 34% from about 12.47 tonnes in October 2014.  Similarly, ...