MUMBAI, Dec 20 (Reuters) - India's palm oil imports in
January are likely to rise to a record high after Malaysia, the
world's No. 2 palm oil producer, fixed its crude palm oil (CPO)
export tax for the month at zero percent, a senior Indian
industry official said on Thursday.
Malaysia earlier this week fixed zero percent duty on CPO
exports as it aims to trim record high inventory that is putting
pressure on prices.
"Malaysian exporters will take full advantage of zero tax to
ship as much CPO as possible in January 2013 to reduce their
huge stocks of over 2.5 million tonnes," said Vijay Data,
president of industry body the Solvent Extractors' Association
of India, in a statement.
"India being a large importer, shall become a dumping ground
for CPO and we would not be surprised to see record import."
India, the world's biggest edible oil importer, meets more
than half of its edible oil needs through imports, which largely
constitute palm oil.
(Reporting by Rajendra Jadhav; Editing by Prateek Chatterjee)