India allows vegetable oil imports at low tax rates until March 2024
02/08/2023
India has extended a policy allowing imports of soybeans and vegetable oils such as palm oil, soybean oil and sunflower oil at low tax rates until March 2024.
The world's largest vegetable oil importer sharply reduced import taxes from mid-2021 when prices rose to record highs on the world market.
India currently imposes a 5.5% tax on imported crude palm oil, down from 35.75% at the beginning of 2021. India imports more than two-thirds of its cooking oil needs and is having to rein in prices Domestic oil has increased over the past 20 years in recent months. The country mainly imports palm oil from top producers Indonesia and Malaysia, while other oils such as soybean and sunflower come from Argentina, Brazil, Ukraine and Russia.
Minh Toan
