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.