A senior industry official opined, as the government eased import duties on edible oil, edible oils traders are considering ricebran and oilcakes imports from Vietnam, Malayasia, Indonesia and the Philippines. After the government’s decision to reduce duty on oilcakes and ricebran, the oil traders are hoping that about 3,00,000 tonnes of oil bearing materials can be imported in the next six months. The govt. last week raised duties on edible oils but reduced the duty on ricebran and oilcakes to 15% from 35 in a move to promote raw material imports and discourage edible oil imports. Traders are looking at palm kernel oilcake imports from Malaysia and Indonesia, coconut oilcake from the Philippines and ricebran from Vietnam.The government’s decision to reduce import duties on raw materials will not only boost the country’s idle processing capacity, but also help domestic meal prices to fall and make them competitive in the international markets. |
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