India will limit soybean oil imports in the near future

Introduction: India, the world's top edible oil importer, plans to tighten its soybean oil import policy to protect the interests of its soybean farmers, industry sources said Thursday Sources with government background told Reuters that over 500000 tons of imports will be taxed at 75%, compared with 45% in the past The measure, to be announced in India's budget at the end of February, is expected to boost demand for palm oil The Indian government is likely to announce a tariff quota of 500000 tons of soybean oil India has announced a TRQ plan to limit imports of 500000 tons of sunflower and canola oil each year Any import exceeding this amount will be taxed at 75% of the full tariff India is Malaysia's only importing country of palm oil in 2000, with an import volume of 2.03 million tons India is also a major importer of palm oil from Indonesia The Indian government is ready to revitalize its edible oil industry, protect the interests of bean farmers and reduce its dependence on foreign sources The import of edible oil in 2001 / 02 is predicted to be at least 5.1 million tons, which is the same as that in 2000 / 2001, but higher than 4.8 million tons in 1999 / 2000 The indirect beneficiary of the quota scheme is palm oil The import tariff of crude palm oil is 65%, which has always put palm oil at a huge disadvantage in the competition with soybean oil The announcement of soybean oil import tariff provides a better opportunity for palm oil to return to the Indian market.