Vegetable oil imports flat in June despite tariff cut boost to crude oils
India’s vegetable oil imports stood unchanged at 1.54 million tonnes in June 2024, according to the Solvent Extractors Association (SEA). Imports of crude edible oils rose over 25% after the government cut the Basic Customs Duty on crude palm, soybean, and sunflower oils from 20% to 10%, effective May 31.
India’s vegetable oil imports remained flat at 1.54 million tonnes in June compared to the same month last year, even as shipments of crude edible oils surged more than 25 per cent, industry body Solvent Extractors Association (SEA) said on Monday.
The rise in crude oil shipments came after the government reduced the Basic Customs Duty (BCD) on crude edible oils, including crude palm oil, crude soybean oil, and crude sunflower oil, to 10 per cent from 20 per cent, effective May 31.
Total vegetable oils, comprising both edible and non-edible oils, stood at 1.55 million tonnes in June 2024.
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Source : Business Standard
