India to suspend soybean oil import exemption from April 1
Refined Soybean Oil
India
Published Jan 12, 2023
Tridge summary
MUMBAI (Reuters) - India will lift tariff exemptions for crude soybean oil imports from April 1, the government said on Wednesday, as the world's biggest importer of vegetable oils tries to support local oilseed producers. New Delhi allowed in May 2022 duty-free imports of 2 million tonnes of soybean oil in 2022/23 and initially planned another 2 million tonnes of duty-free imports in 2023/24.
Original content
The government will continue duty-free imports of 2 million tonnes of crude sunflower oil in the current and next fiscal year until March 2024, the cabinet said. India imports soybean oil mainly from Argentina, Brazil and the United States and obtains sunflower oil from Russia and Ukraine. Stopping duty-free imports would help rival palm oil, which has import tariffs, said a Mumbai-based trader at a global trading company. “Palm oil will find a level ...
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