Monday, 15 July 2013

Refined Palm Imports by India Seen at Record High on Lower Taxes

India, the world’s biggest palm oil buyer, is set to import record amounts of the refined variety, taking advantage of lower export taxes in Indonesia and Malaysia as the producers seek to encourage domestic refining. The share of refined oil will climb to 60% to 70% of total palm purchases by Oct. 31, said Dorab Mistry, a director at Godrej International Ltd.

That may increase to 80% by December if India fails to raise the import duty, he said. Such products were 20% of shipments a year earlier, according to the Solvent Extractors’ Association of India. (Bloomberg)

Source: CIMB Daybreak - 15 July 2013

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