India raised vegoil import duties

15.06.2018

On June 14, the Indian government raised the rates of current import duties for vegoils as follows:

- refined soybean oil – from 30% to 35%;

- unrefined sunflower and rape oils – from 25% to 35%;

- refined sunflower, rape, soybean oils – from 35% to 45%.

India is the largest end market for Ukrainian sunoil. In MY 2016/17, this country absorbed roughly 2 MMT of Ukrainian sunoil (35% of its total exports), UkrAgroConsult’s analysts note.

India’s share expanded to 47% this season. Ukrainian sunoil exports to India gained 25% in September-May 2017/18 against the same period last season (1.91 MMT and 1.53 MMT, respectively).

The increase in import duties for vegoils may adversely impact both sunoil exports from Ukraine to India and prices for this product.

Ukraine sold some USD 1.5 Ml worth of sunoil this year

According to the State Fiscal Service of Ukraine, January-April 2018 exports of sunflower, safflower, and cotton oils totaled 1994.9 KMT to an amount of USD 1498.7 Ml. Sunflower oil imports were at 549 MT worth USD 534,000, reports UkrAgroConsult.

Soybean oil: exports at 81.3 KMT to an amount of USD 61.1 Ml, imports at 8 MT to an amount of USD 10,000.

Exports of rape and mustard oils totaled 1.6 KMT, worth USD 1.3 Ml. Rape oil imports were at 468 MT to an amount of USD 534,000.

Palm oil: imports at 67.3 KMT to an amount of USD 50.8 Ml, exports at 916 MT to an amount of USD 819,000.

More detailed information on the latest trends in oilseeds/vegoils/meals exports, palm oil imports, supply and demand balances with breakdown by crop as well as crop conditions and progress in planting in the countries of Black Sea Region is available to subscribers for weekly market report "Black Sea Vegoils" by UkrAgroConsult.

Further prospects of the Black Sea oilseeds/vegoils market will be discussed at the VI International Conference “Black Sea Oil Trade”, which will take place on September 20, 2018 in Hilton hotel, Kiev, Ukraine.

 

UkrAgroConsult

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