Kolkata: Import of vegetable oils during August 2019, up by 5% to 15,86,514 tons compared to 1,512,597 tons in August 2018, according to data compiled by the Solvent Extractors’ Association of India.
However the overall import of vegetable oils during November 2018 to August 2019 is reported at 12,867,486 tons compared to 12,278,673 tons during the same period of last year – up by 5%.
During the last few months, due to duty advantage given to Malaysia for palmolein under India-Malaysia CECA Agreement, the country flooded with RBD Palmolein from Malaysia following reduction of duty difference from 10% to 5% between CPO (crude palm oil) and palmolein sourced from Malaysia with effect from 1st January, 2019 and import of RBD Palmolein jumped by 727% during Jan – June’19 (1,566,313 MT) compared to same period of Jan – June ’18 (189,445 MT).
In response to safeguard duty petition filed by the SEA of India, government imposed 5% safeguard duty on RBD Palmolein/Palm Oil of Malaysian origin with effect from September 4. In view of this, now the duty difference between crude and refined palm oil has increased to 10% irrespective of any origins. This decision will checks excessive import of RBD Palmolein.
Source: Economic Times