India to allow duty-free imports of sunflower and soybean oils until the end of June

Published 2023년 5월 12일

Tridge summary

The Indian government has decided to allow duty-free imports of soybean and sunflower oils imported before March 31st, up to the end of June, to address the issue of cargoes stuck in ports due to a previous confusion about vegetable oil import rules. This decision comes after the government cancelled the duty-free import quota of 2 million tons of crude sunflower and soybean oils for the current fiscal year, resulting in approximately 90,000 tons of oil being stuck in ports and an additional 180,000 tons on the way. While this decision is expected to simplify the import process, it could potentially depress domestic oilseed prices, negatively impacting farmers' incomes, and possibly decrease India's palm oil imports in May.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

On May 11, the Government of India announced that duty-free imports of soybean and sunflower oils shipped before March 31 will be allowed until the end of June this year. This decision was made due to the fact that many cargoes are blocked in the country's ports due to confusion regarding the rules for importing vegetable oils, APK-Inform reports citing Reuters. Recall that at the beginning of this year. India has canceled the duty-free import quota of 2 million tons of crude sunflower and soybean oils for the current fiscal year, which began on April 1. But the decision has left about 90,000 tons of oil stuck in Indian ports, with another 180,000 tons loaded before the March 31 deadline set by the government, on the way. “Several batches of vegetable oils stuck in ports over the past few weeks can now enter the country after this clarification,” said Sunvin Group CEO Sandeep Bajoria. At the same time, the Solvent Extractors' Association of India said that the ...

Source: Milknews