India exempts until June imports of sunflower and soybean oils made before March

Published May 11, 2023

Tridge summary

India will allow duty-free imports of soybean oil and sunflower oil shipped before March 31 until the end of June, after a confusion over import rules led to these cargoes being held up at ports. The government's decision to eliminate the duty-free import quota of 2 million tonnes of crude sunflower oil and soybean oil for this fiscal year had caused around 270,000 tonnes of cargo to be delayed. This move is expected to provide relief to importers, but may lead to a drop in local oilseed prices and decrease in farmers' incomes. Meanwhile, India's May palm oil imports may see a decrease due to the increased availability of soybean and sunflower oil.

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

Original content

By Rajendra Jadhav MUMBAI (Reuters) - India ruled on Thursday that duty-free imports of soybean oil and sunflower oil shipped before March 31 will be allowed until the end of June after cargoes were held up at ports due to a mix-up. about import rules. Earlier this year, the world's largest importer of vegetable oils scrapped a duty-free import quota of 2 million tonnes of crude sunflower oil and soybean oil for this fiscal year starting April 1. The move held up around 90,000 tonnes at Indian ports and another 180,000 tonnes in transit that were loaded before the government's March 31 deadline, traders said. “Some shipments have been stuck in ports in recent weeks and are now allowed to enter the country following this clarification,” said Sandeep Bajoria, chief executive of Sunvin Group, a vegetable oils brokerage and consulting firm. India imports soybean oil mainly from Argentina, Brazil and the United States and sunflower oil from Russia and Ukraine. The government ...

Source: Mixvale