Photo by : Yogie Hizkia / Sawitfest 2021
Palmoilmagazine, DHAKA – Bangladesh planned to cut off canola oil, sunflower oil, and olive oil import tax to be 10% from 32%. The country tried to multiply the supply of vegetable oil because of processed palm oil export ban by Indonesia, as a senior officer in ministry of trade in the country told, Tuesday (26/4/2022).
As quoted from Reuters, the tax cut off would immediately run.
Meanwhile Indonesia is the biggest palm oil exporter in the world and planned to stop RBD palm oil exports since Thursday (28/4/2022).
The Government of Bangladesh claimed, the country is searching for alternative vegetable oil supplier, such as, from Canada, USA, and China to supply sunflower oil, canola oil, and soyoil.
Prior Indonesia supplied more than 85% palm oil import in every year to Bangladesh that reached 1,5 million tons. Bangladesh did import about 750.000 tons of soyoil per year, namely from Argentina.
To stabilize vegetable oil price, the country cut off soyoil import additional and palm oil taxes to be 5% from 15%
“The countries, such as, Bangladesh that depends on vegetable oil imports would have no choice besides paying more to secure their supplies,” the officer said. (T2)