India to suspend soybean oil import exemption from April 1

Published 2023년 1월 11일

Tridge summary

India plans to remove tariff exemptions for crude soybean oil imports effective April 1, in an effort to protect local oilseed producers. The government will continue duty-free imports of 2 million tonnes of crude sunflower oil until March 2024. This decision is expected to even the playing field for palm oil, which has import tariffs, and make sunflower oil more competitive. India primarily sources soybean oil from Argentina, Brazil, and the US, while sunflower oil is mainly imported from Russia and Ukraine.

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Original content

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. 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 ...

Source: Mixvale