06.
08.18
10:16

India's import duties on vegetable oils are being bypassed

India, the world's largest importer of refined palm oil, raised import tariffs to 54% in March to protect its farmers. In July, tariffs on refined soybean oil, sunflower oil and canola oil were raised to 45%.
Traders now report that the exporters find buyers in India's neighboring countries. Bangladesh and Sri Lanka have a free trade zone with India (SAFTA). The merchandise exchange with each other is duty free. These two countries are now selling vegetable oils to India, bypassing the protection of the Indian market.
The prices for vegetable oils had recently risen there because the monsoon brought less rain and the crops were smaller.

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