To assist local farmers, India has raised the basic import tax on crude and refined edible oils by 20%. Announced on Friday, this decision aims to strengthen the country’s oilseed farmers, as India stands as the world’s largest importer of edible oil.
This tax hike may lead to higher prices for edible oils, potentially lowering demand and decreasing imports of palm oil, soy oil, and sunflower oil. The changes will be reflected in the global import export data, impacting the overall market.
Starting September 14, a 20% basic customs duty will be added to crude palm oil, crude soyoil, and crude sunflower oil. This means the total import duty on these oils is now 27.5%, up from 5.5%, due to an additional charge for Agriculture Infrastructure and Development.
India depends on other countries for more than 70% of its vegetable oil. It mainly buys palm oil from Indonesia, Malaysia, and Thailand, while soyoil and sunflower oil are sourced from Argentina, Brazil, Russia, and Ukraine. This information is essential for comprehending Indian import export data.
That’s all for now! Keep an eye on Exim Trade for the most recent updates and news.
Click the link below to read more: https://blog.eximtradedata.com/
