# India cuts tax on crude, refined palm oil imports from ASEAN countries - IBTimes India

> India cut import duties on crude and refined palm oil from ASEAN countries after a request from suppliers. Crude palm oil fell to 40 percent from 44 percent and refined to 50 percent from 54 percent. India relies on imports for 70 percent of its edible oil consumption.

- Date: 2019-01-01 · published 2019-01-01T12:00:00.000Z
- Category: trade · region India · magnitude medium
- Page: https://feedsoft.ai/events/5589-india-cuts-tax-on-crude-refined-palm-oil-imports-from-asean-countries-ibtimes
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

The duty cut improves palm oil's competitiveness in India's large import market, supporting Malaysian and Indonesian export demand. Higher palm imports could draw demand away from soyoil.

## Read by commodity

- SBO: bearish ▼
- PALMOIL: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| PALMOIL | 2019-01-02 | 1 | +5.0% | 6.1 | Same India tariff cut on ASEAN palm oil, reinforcing the demand and trade-flow driver, with India importing 70% of its edible oil needs. |
| PALMOIL | 2019-01-08 | 5 | +6.1% | 3.4 | Reports the same India duty cut and India's 70% import reliance for edible oil, supporting expectations of higher import demand for palm oil. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2021-09-08 | [India’s refiners seen to favour palm oil imports from Malaysia \| Malay Mail](https://feedsoft.ai/events/44945-india-s-refiners-seen-to-favour-palm-oil-imports-from-malaysia-malay-mail.md) | -1.0% | +7.4% |
| PALMOIL | 2019-01-02 | [Palm oil jumps over 2 percent to as India cuts import tax](https://feedsoft.ai/events/5584-palm-oil-jumps-over-2-percent-to-as-india-cuts-import-tax.md) | +6.1% | +8.1% |
| PALMOIL | 2019-01-01 | [India cuts tax on palm oil imports; Malaysia to gain most - CNBC TV18](https://feedsoft.ai/events/5585-india-cuts-tax-on-palm-oil-imports-malaysia-to-gain-most-cnbc-tv18.md) | +6.1% | +8.1% |
| PALMOIL | 2021-04-14 | [India leans on Malaysia as palm oil imports pick up: SEAI](https://feedsoft.ai/events/47470-india-leans-on-malaysia-as-palm-oil-imports-pick-up-seai.md) | +3.9% | +15.3% |
| PALMOIL | 2019-01-01 | [Malaysian palm oil futures open higher after India import tax cut \| The Star](https://feedsoft.ai/events/5586-malaysian-palm-oil-futures-open-higher-after-india-import-tax-cut-the-star.md) | +6.1% | +8.1% |
| SBO | 2019-01-01 | [India cuts tax on palm oil imports; Malaysia to gain most - CNBC TV18](https://feedsoft.ai/events/5585-india-cuts-tax-on-palm-oil-imports-malaysia-to-gain-most-cnbc-tv18.md) | +2.3% | +10.4% |
| SBO | 2021-04-14 | [India leans on Malaysia as palm oil imports pick up: SEAI](https://feedsoft.ai/events/47470-india-leans-on-malaysia-as-palm-oil-imports-pick-up-seai.md) | +7.6% | +18.8% |
| SBO | 2024-02-02 | [Palm falls 1% on India efforts to cut edible oil imports - Markets - Business Recorder](https://feedsoft.ai/events/31765-palm-falls-1-on-india-efforts-to-cut-edible-oil-imports-markets-business.md) | +2.4% | -1.2% |

## Sources

- ibtimes.co.in: https://www.ibtimes.co.in/india-cuts-tax-crude-refined-palm-oil-imports-asean-countries-789075

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.