India will lower refined palm oil purchases

21 Aug, 2017
India will lower refined palm oil purchases
According to official forecast of India's government, in 2017 – 2018 the country may lower import of refined palm oil after changes of customs tariff.

Import of unrefined palm oil will be more profitable.

Changes in the rates of the duty on import of a number of unrefined and refined oils will reduce the import of palm oil from Malaysia and Indonesia.

The import duty for unrefined palm oil is increased to 15% and that of refined to 25%. This will increase the proportion of unrefined palm oil compared to total palm oil import to 90% at 69% a year earlier.

The lower import duty on soybean oil - 17.5% - will increase India's demand for it.

During the first nine months of the current season, that started on November 1, 2016 India imported 6.74 million tonnes of palm oil, incl. 2.2 million tonnes of refined oils.