India’s CPO imports from Malaysia up 20pc in December 2020

Indian importers’ demand for CPO rose after the Malaysian government reduced the import tax from 37.5 per cent to 27.5 per cent, with effect from November 27, 2020. — Reuters pic
Indian importers’ demand for CPO rose after the Malaysian government reduced the import tax from 37.5 per cent to 27.5 per cent, with effect from November 27, 2020. — Reuters pic

NEW DELHI, Jan 14 — India imported 402,797 tonnes of crude palm oil (CPO) from Malaysia last month — about 20 per cent more compared to November 2020 as the import duty reduction boosted Indian purchases.

Overall, India’s edible oil imports in December exceeded 1.3 million tonnes, comprising 770,392 tonnes of palm oil, 322,809 tonnes of soybean oil, and 234,960 tonnes of sunflower oil, according to Mumbai-based trade body Solvent Extractors’ Association (SEA) of India.

Indian importers’ demand for CPO rose after the Malaysian government reduced the import tax from 37.5 per cent to 27.5 per cent, with effect from November 27, 2020.

“This reduction of duty on CPO has encouraged larger import of palm oil,” SEA said.

In November 2020, India imported 333,383 tonnes of Malaysia’s CPO. — Bernama

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