Photo by : Andi Kurniawan Lubis / Sawitfest 2021
Palmoilmagazine, KUALA LUMPUR - Malaysian Palm Oil Council (MPOC) predicted, crude palm oil (CPO) imports in India would be less than those in 2022 for the expensive CPO. Besides vegetable oil production in India could be higher and its tax supports soybean oil (SBO).
The imports would be less about 5% in 2022 or only about 8,2 million tons. There are some reasons, the first, CPO is much more expensive that blocks the demands.
The second, India will produce vegetable oil higher in 2022 that may increase about 10-15%, namely from radish. This may decrease imports.
The third, incoming tax supports soybean oil (SBO) for it is only 5,5% which is less than it in crude palm oil (CPO) that reaches 8,25% while CPO derivative products gets much higher incoming tax up to 13,75%. Knowing that there are price gaps between SBO and CPO, it is better to import SBO. (T2)