India is expected to import a record 10.9 million tonnes of vegetable oils in 2013, up by 7% over the last year, industry body SEA said.
Import of vegetable oils during Apr 2013 is reported at 654,827 tons compared to 925,334 tons in Apr 2012, consisting of 641,327 tons of edible oils.
The import of vegetable oils during March 2013 is reported at 896,714 tonnes compared to 727,706 tonnes in March 2012..
Presently, import duty on refined vegetable oils is 7.5 per cent, while it is 2.5 per cent on crude vegetable oils.
Country's vegetable oils imports are likely to rise 7 per cent to reach all-time high of 10.9 million tonne in 2012-13 marketing yr.
Government today said it has no plans to raise import duty on edible oils even as the vegetable oil industry SEA has sought the hike for refined oils.
It should be sourced from Indonesia and/or Malaysia. Shipment was sought either immediately or by March 31, traders said.
Imports of all vegetable oils, including non-edible oils, fell 13.8 per cent to 835,857 tonnes in March, the survey showed.
Vegetable oil imports dropped five per cent to 8,70,328 tonnes in July against 9,13,179 tonnes during the same period a year ago.
vegetable oil imports increased by 54% for the month of May 2012 over last year same period, Commerce Ministry
The government will continue to press them to share their gains with the rest of the economy.
Exporters have seen their earnings buoyed by the weaker yen