Pakistan and Turkey follow India's lead to lower import duty on vegetable oils

Against the background of another rise in prices for vegetable oils, importing countries began to reduce import duties on them, sometimes to zero, in order to reduce domestic food prices. Following India, the Turkish government decided to zero the import duty on 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 experts from Oil World (Germany), the Pakistani government announced a significant reduction in import duties on vegetable oils against the backdrop of high world prices for them. It is expected that compared to the current level, the import duty on vegetable oils will be halved, the trade tax - from 17% to 8.5%, and an additional 2% import duty will be canceled. 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.And in general, in 2020/21 MY (October-September), ...