In­done­sian palm oil im­ports ris­ing

Maritime Gateway - - News -

Palm oil ex­ports from In­done­sia to In­dia, the world’s big­gest buyer, will prob­a­bly climb to the high­est ever this year as strong de­mand coun­ters higher im­port du­ties. Ship­ments of palm and ker­nel oils to In­dia climbed 32 per cent to record 7.6 mil­lion met­ric tonnes in 2017 from a year ear­lier. In­dia, which re­lies on im­ports to meet about 70 per­cent of its to­tal veg­etable oil re­quire­ments, dou­bled the levy on crude palm oil to 30 per­cent in Novem­ber and in­creased the duty on re­fined palm oil to 40 per cent from 25 per cent. The move, cou­pled with high in­ven­to­ries in top pro­duc­ers In­done­sia and Malaysia, re­sulted in palm oil prices drop­ping 19 per cent last year.

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