India raised import tax on crude palm oil

UkrAgroConsult

India has imposed an additional duty on crude palm oil imports in order to support domestic oilseed growers and encourage them to expand acreage, UkrAgroConsult reports.

The basic import tax on crude palm oil was cut to 15% from 27.5%, but an additional levy of 17.5% was imposed. Taking into account other fixed charges, the import tax currently totals 35.75% (30.25% before). The import duty rates for crude soybean and sunflower oils were left unchanged at 38.5%.

The increased crude palm oil tax in India may further slow shipments of the commodity from Malaysia and pressure its export price.

India remains a major importer of sunflower oil from Ukraine. It purchased approximated 703 KMT in the first four months of this season (+0.7% y-o-y).

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UkrAgroConsult

Tags: India, palm oil, imports