Search Result for : Solvent Extractors Association

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 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 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 ...

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 In a move to protect the oil seeds growers and provide level-playing filed to vegetable oil producers, the government has increased the import duty on edible oil by 5%. The duty on crude edible oil has been increased from 7.5% to 12.5% and on refined edible oil from 15% to 20%, the Central Board of Excise and Customs said in a notification issued on Friday. The oil processing industry says the move was necessary to protect domestic producers. According to the Solvent Extractors’ Association of India (SEA), vegetable oil import is expected to reach 14 million tonnes worth $10 billion during the current oil year ending October 2015. Last year, the country’s total import of edible oil was ...

Deepak Kumar | The Dollar Business Indian edible oil industry has expressed hope that an increase of import duty on the inward shipments of vegetable oil will curb its surging imports and protect the interest of the domestic oil industry. Earlier, the Union ministries as well as the oil industry had requested the Ministry of Finance to hike import duty on edible oil to reduce its imports. Congress leader Ahmed Patel urged Finance Minister Arun Jaitely to increase duty on both crude and refined vegetable oils imports and also to announce a policy to encourage domestic production. “We had requested the government to increase the import duty on edible oil because the recent surge in imports has been discouraging for the ...

Source: PTI To protect farmers' interests and provide a level-playing field to domestic oilseed processors, industry body SEA on Monday sought increase in import duty on crude edible oil from 7.5% to 25% and on refined oil from 15% to 45%. The import duties were last increased in December. In a memorandum submitted to the government on Monday, Solvent Extractor's Association (SEA) said, “We would like to bring to your kind notice the alarming increase in import of edible oils seriously hurting the domestic farmers and the vegetable oil refiners.” The increase in duties will protect the interest of crushers and also local farmers to sustain their interest in oilseed cultivation, the industry body said in a statement. “The industry requested ...