Commodity News- ASEAN to gain on India's tax cut on Palm Oil import
The duty on Crude Palm Oil from Malaysia, Indonesia and other members of the Association of South East Asian Nations (ASEAN) was cut to 40% from 44%, while the tax on refined Palm Oil was cut to 45% from 54% if imported from Malaysia and to 50%, if purchased from Indonesia or other member-nations of ASEAN.
The Solvent Extractors Association said that the duty cut, effective from Tuesday, would impact the domestic Palm Oil refining industry and hit Palm Oil cultivation. The duty reduction would lead to increased imports of Palm Oil.
India imports 60% which is 15.5 million tonnes annually, of its edible Oil requirements, largely from Malaysia, Indonesia, Argentina and Ukraine.
The industry pegs the country’s edible Oil consumption at 23.5 million tonnes for 2018-19 and expects to import 15.5 million tonnes, with 60% from Malaysia and Indonesia, followed by soyabean Oil from Argentina and Brazil, sunflower Oil from Ukraine and Russia and canola Oil from Canada.
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