India Likely To Halt Duty-free Soybean Oil Imports From April 2023
Earlier, India allowed duty-free imports of 2 million tonnes of soybean oil in FY 2022-23 and is now planning another 2 million tonnes of duty-free imports in the same FY
India is likely to halt duty-free imports of crude soybean oil with effect from April this year, on behalf of the support received from the world’s biggest vegetable oils importer, all set to help local oilseed farmers.
Earlier, India allowed duty-free imports of 2 million tonnes of soybean oil in FY 2022-23 and is now planning another 2 million tonnes of duty-free imports in the same FY.
According to the report, the central government is likely to continue with its duty-free imports of 2 million tonnes of sunflower oil in the current and the upcoming fiscal year to March 2024.
Commenting on the issue, a Mumbai-based dealer with a global trade house said that if the duty-free imports get discontinued, it will help rival palm oil which attracts import duties.
According to the report, he added that palm oil will find a level playing field, thus making sunflower oil attractive.
Meanwhile, the country imports soybean oil from Argentina, Brazil, and the United States whereas, sources sunflower oil from Russia and Ukraine, and imports palm oil from Indonesia, Malaysia, and Thailand.
