Pakistan and Turkey, following India, are lowering import duties on vegetable oils

Published 2021년 10월 27일

Tridge summary

In response to rising vegetable oil prices, India and Turkey have eliminated or significantly reduced import duties on these commodities to help lower domestic food prices. The Turkish government has removed tariffs on crude sunflower oil and safflower seeds, while the Pakistani government has slashed import duties on vegetable oils by half. This move is anticipated to increase demand for sunflower oil, especially with palm oil prices on the rise. However, the market is still facing pressure due to soybean yield forecasts in Brazil and the United States.

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

Original content

Against the background of another rise in prices for vegetable oils, importing countries began to reduce import duties on them, sometimes to zero, to reduce domestic food prices. Following India, the Turkish government has decided to eliminate tariffs on imports of crude sunflower oil and safflower seeds by the end of the year. At the same time, the country has a zero duty on imports of sunflower seeds. According to Oil World experts, the Pakistani government has announced a significant reduction in import duties on vegetable oils amid high world prices for them. Compared to the current level, the import duty on vegetable oils is expected to be halved, the trade tax from 17% to 8.5%, and an additional 2% import duty will be abolished. Due to high taxes and duties on imports of vegetable oils, Pakistan in July-September reduced the purchase of palm and soybean oil by 19% to 831 thousand tons. In general, in 2020/21 MY (October-September) reduced imports of palm oil from 3.28 to ...

Source: Graintrade