Search Result for : Palm Oil

Dated 15th December, 2017 | Copy of | Notification No.116/2017-Customs In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.36/2001-Customs (N.T.), dated the 3rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O.748 (E), dated the 3rd August, 2001, namely:- In the said notification, for TABLE-1, TABLE-2, and TABLE-3 the following Tables shall be substituted namely:-   Sd/- (Zubair Riaz) Director (Customs)   F.No.467/01/2017-Cus-V Issued by: Ministry ...

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 ...

The Dollar Business Bureau India had imported 7,36,036 tonnes of palm oil in April 2017. It is one of the leading buyers of vegetable oils in the world. Its total vegetable oil import increased by 7% to 13,39,489 tonnes in April this year, from 12,48,887 tonnes of the previous year. According to the industry body, Solvent Extractors Association (SEA), in April India’s palm oil imports rose 2.25% to 7,52,632 tonnes due to higher shipment of crude palm oil. Of the total oils imported into India palm oils take up 62% of the share. In the first half of the year vegetable oils imports declined to 43,02135 tonnes from 43,40,890 tonnes imported the previous year. SEA says the difference in the landed price between ...

The Dollar Business Bureau Malaysia’s exports witnessed a double-digit growth of 13.6% to RM70.24 billion (around $15.76 billion) in the month of January 2017, the highest ever export value in a month ever achieved, Ministry of International Trade and Industry said on Friday. The exports figures surpassed the last high of RM64.05 billion recorded in January 2014. The exports in January grew consecutively for the third month, increasing by its fastest rate in over a year on account of strong demand for manufactured goods and commodities, the government data said. The country’s imports have increased by 16.1% to RM65.53 billion. In January, the country registered a trade balance of RM4.71 billion ($1.05 billion). This is consecutively for the last 231 months that the country had a trade surplus. It ...

The Dollar Business Bureau Central Board of Excise & Customs (CBEC) has revised tariff value of specified goods including palm oil, soya bean oil, poppy seeds, areca nuts, brass scrap, gold and silver, among others in its notification no.- No.123/2016-Customs (N.T.) issued on Friday. The tariff value of crude palm oil, RBD palm oil and palm oil (others) has been revised to $767 per metric tonne, $776 per metric tonne and $772 per metric tonne, respectively. In addition, the tariff value per metric tonne has been revised of other specific goods, including crude palmolein ($811), RBD palmolein ($814), palmolein - others ($813), crude soya bean oil ($827), brass scrap - all grades ($3055), poppy seeds ($2533) and areca nuts ($2623). Gold, in any form, now has ...

The Dollar Business Bureau Taking a jump on the shipments of palm oil, imports of palm oil in India increased marginally to 7,29,536 tonnes in April 2016. India, which is top most buyer of vegetable oils, imported 7,25,088 tonnes of palm oil in April 2015. Of the total vegetable oil imports in India, palm oil makes up for 65%. The domestic refineries have been hit by the rise in imports of RBD Palmolein, which grew in recent times, said Solvent Extractors Association (SEA). Among the products of palm oil, RBD palmolein imports increased by 74% from 1,87,534 tonnes in April 2015 to 3,25,902 tonnes in April 2016. The imports of RDB palmolein, which replaced CPO, is likely to rise in the near future. The domestic ...

Aadhira Anandh | The Dollar Business India’s palm oil imports in June have gone up by 23% from the year earlier. Last year the palm oil exports was 4,931, 085 tonnes, while this year the import has gone up to 734, 358 tonnes thus lifting the vegetable oil import in the month by 15%. The Solvent Extractors Association in a statement said that the rise in import is on the account of lower global price. Palm oil makes up 70% of the country’s vegetable oils import and over 60% of the demand for the vegetable oil market in India is met through imports. “We largely import palm oil because of the increasing demand and also for better quality. In India, the quality ...

The Dollar Business Bureau  Falling prices of food products in the international market can prove beneficial for India which needs to import many items to meet the domestic demand. Since the domestic food production is expected to reduce due to bad monsoon, the government has been considering increasing imports of certain products to bridge the production deficit. Government estimates say that India’s total food grain production is projected to be around 251 million tonnes during the current crop year ending in June. The estimated production is less than 265 million tonnes recorded a year ago. Earlier this month, Agriculture Minister Radha Mohan Singh said that his government was mulling over increasing imports of pulses to check its soaring price within the ...