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Amended Import Duties To Have Considerable Impact On Edible Oil Market

Feb-2019 | Intense Research | Food & Beverages

In the recent past, on account of the rising popularity of healthy, unprocessed, organic, and unrefined oil, the global edible oil market is projected to observe considerable growth. Furthermore, vegetable oils with low calories, fat, and cholesterol are also anticipated to gain high response owing to rising health alertness among people around the globe. Additionally, key advancements in retail network, rising oil production, and crop yields are few of the noticeable factors backing the market growth.

According to recent reports, palm oil imports of India increased by 17.3% in December more than the earlier month, while the latest duty reduction is anticipated to assist Malaysian exporters in acquiring a larger market share. Last month, 811,700 tons of palm oil was imported by the country I comparison to 691,827 tons in November, as said by the Mumbai-situated SEA (Solvent Extractors’ Association of India).

Malaysian exporters are anticipated to develop their stake in the Indian edible oil market following the announcement by the Indian government on December 31 about the amended import levies on palm oil within the MICECA (Malaysia–India Comprehensive Economic Cooperation Agreement). Malaysia and Indonesia are the 2 key palm oil’s suppliers to India.

The levy on crude palm oil was decreased to 40% from 44%, whereas for refined palm oil it was changed to 50% from 54%. The levy on RBD palmolein from Malaysia was decreased from 54% to 45%. SEA said, “The duty changes will stimulate Indian import stipulation for palm oil at the cost of soft oils.”

The stake of palm oil in vegetable imports of India increased from 64 % in November to 71% in December. Last month, soybean oil imports fell to 85,404 tons from 203,734 tons in the earlier month. Furthermore, the overall edible oil imports increased by 6.7% to 1.14 million tons in December.

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