76227
50% Rise in Palm Oil Imports
50% Rise in Palm Oil Imports

50% Rise in Palm Oil Imports

50% Rise in Palm Oil Imports

Around 284,450 tons of palm oil worth over 730.15 billion rials ($223 million) were imported into Iran from seven countries during the seven months to Oct. 22, registering close to a 50% increase compared with the corresponding period of last year, figures released by the Islamic Republic of Iran Customs Administration show. Malaysia, Austria, the UAE, Turkey, Singapore, Ghana and Poland were the main exporters of the product to Iran over the period, Mizan Online reported. In 2014, Iran imposed import quota on palm oil imports, based on which total palm oil import did not exceed 30% of its total import of oils and fats. As a result, Iran’s palm oil purchases dropped by 47% from 997,000 tons in 2013 to 330,970 tons in 2015. In March 2016, the import quota was removed but replaced with a higher import tax of 40%. Other vegetable oils are taxed at 24%. According to a new report by US-based market research and consulting company Grand View Research, Iran’s palm oil market is expected to top $600 million by 2025. Its increasing usage in cosmetics and biodiesel industries has contributed to a significant portion of market revenue in recent years.

Short URL : https://goo.gl/Je23dD
  1. https://goo.gl/DbpuHv
  • https://goo.gl/Qq1EtE
  • https://goo.gl/yvg17C
  • https://goo.gl/W4rd7h
  • https://goo.gl/kTcdSN

You can also read ...

Turkey Determined to Protect Companies From US Sanctions
Turkey will take every initiative to protect its companies...
Tesla’s Gigafactory in Nevada, the US
Tesla Inc has flown six planes full of robots and equipment...
Westminster Group Hopeful Over Iran Airport Security Deal
UK-based company Westminster Group PLC is still hopeful it can...
Fiat Chrysler Recalls 4.8m Vehicles
Fiat Chrysler is warning the owners of approximately 4.8...
Head of Sistan-Baluchestan’s Ports and Maritime Organization Behrouz Aghaei (L) shakes hands with Managing Director of Life Trade Promotion Company Mohammad Arazesh after signing the agreement on May 23.
Life Trade Promotion Company signed an agreement with Sistan-...
Further Hike in Unified USD Rate
The Central Bank of Iran has increased the US dollar's...
About 60% of the total volume of NPLs in Iran are considered irrecoverable.
Iranian banks and credit institutions held a total of about 1....
CBI: Inflation at 9.1%
The average goods and services Consumer Price Index for urban...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus