PalmOilMagazine - It is admitted or not, Pakistan is one potential country to trade palm oil from Indonesia. The consumption reached 20 kg per capita within the total vegetable oil consumption reaching 4,4 million tons.
Unfortunately, Chief Executive Officer Westbury Group of Companies, Rasheed Janmohammed said, the local vegetable oil production is still low in number, about 0,5 million ton. This forced Pakistan import soybean oil about 3 million tons, import extracted oil from seeds about 0,80 million ton.
Janmohammed as Chairman of Edible Oil Refiners Association (PEORA) said that in Pakistan, vegetable oil import tax is comprehensive. Unfortunately the policy should not run to domestic vegetable oil products because the import tax policy could increase the domestic vegetable oil production.
“As a matter of fact, there was no increasing imports and tax created or precisely multiplied the costs to domestic use,” he said in virtual Indonesia Palm Oil Conference (IPOC) 2020 New Normal which InfoSAWIT did attend in the early of December 2020.
Vegetable oil imports (olein, RBDPO, CPO, and crude soybean oil) in Pakistan in January - October 2020 reached 2,3 million tons. Abdul Rasheed predicted that by December 2020 soybean imports would reach 3 million tons.
The decreasing imports could happen for Covid-19 pandemic and the expensive vegetable oil in the world and it has started since in the second semester of 2020. “The vegetable oil stakeholders in Indonesia and Malaysia would enjoy it,” he said. (T2)
Read at: http://store.infosawit.com/