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As per the latest data compiled by Solvent Extractors' Association of India (SEA OF India), the import of vegetable oils during November 2018 is reported at 1,133,893 tons compared to 1,256,433 tons in October 2018 and 1,248,810 tons in November, 2017, i.e. down by 9%.

India had signed a comprehensive Economic Cooperation Agreement (MICECA) with Malaysia on 27th October, 2010. As per provisions of MICECA Agreement Between India and Malaysia for MFN tariff, import duty on CPO and refined Palm Oil and others will gradually reduce from base rate for the period 1.1.2012 to 31.12.2019 and the upper limit of the tariff was fixed. Currently, under MICECA India has imposed highest import duty on CPO at 44% and RPO 54% w.e.f. 14th June, 2018. According to MICECA, the CPO & RPO upper limit of duty to be revised downward to maximum 40% to 45% respectively latest by 31st December, 2018.

In anticipation of likely reduction of import duty by Indian Government on palm oil by 31st Dec.,2018, shipment has slow down time being, which likely to pick up from January'19 and onwards. Also palm oil prices are historical low of last 10 years and spread between palm and soft oil has increased, which has made palm oil more attractive to import by India.

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