Local oilseed crushers want government to raise import duties on edible oils
The Dollar Business Bureau The Indian government is under pressure from the local oilseed crushers to raise the import duties on edible oils after domestic oilseed prices slumped way below the government support levels. Cheap edible oil imports from Malaysia, Brazil, Indonesia and Argentina are crushing the demand of local oilseeds like rapeseed and soybeans while farmers are struggling to compete with them. The prices of local oilseeds slumped to a new low, over the past 14 months due to bumper crop production. Affluent oilseed farmers are pressurising the government to increase the import duties to encourage domestic oilseed cultivation for 2017-18. Davish Jain, Chairman of the Soybean Processors Association while speaking to the press said, “It's high time to do it. The sowing ...
Govt cuts import duty on sunflower seeds to 10%
The Dollar Business Bureau The Government has announced a cut in the import duty on sunflower seeds to 10% from 30%. The Department of Revenue, Ministry of Finance, has issued a notification (No.9/2017 - Customs) on Thursday, amending the earlier notification No.12/2012-Customs, dated March 17, 2012. It has fixed the import duty on sunflower seeds at 10% and shall come into effect from April 1, 2017 “Amendment to Notification No.12/2012-Customs, so as to reduce the basic Customs duty from 30% to 10% on sunflower seeds falling under tariff item 1206 00 90 (i.e. other than of seed quality) for the purpose of extraction and refining of oil subject to actual user condition, for the period from April 1, 2017 to ...
Vegetable oil imports decline by 25% in May
The Dollar Business Bureau India’s overall vegetable oil imports dropped, for the first time since November 2013, in May 2016. The vegetable oil import declined to 1,024,878 tonnes, which is 25% lower than the registered imports of May 2015. According to monthly records, the total vegetable oil imports of May 2016 declined by 2, 00,000 tonnes from 1,248,887 tonnes recorded in April 2016, reveals the data gathered by Solvent Extractors’ Association of India. The fall in imports is attributed to low demand and availability of cheap alternate edible oils. The gap between the prices of refined Soya oil and refined palm oil declined to Rs 25/10kg against Rs. 100. The low prices, easy availability of local oils reduced the imports, believe traders. While the plentiful availability ...
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 ...
