Bangladesh removed edible oil import duty

17-Dec-2024 10:30 AM

Bangladesh removed edible oil import duty
Bangladesh's move to remove the import duty on edible oils and reduce VAT on imported oils is a significant step to lower the cost of edible oil in the country. By making the import duty on sunflower, canola, soybean, and palm oil zero, and reducing the VAT from 15% to 5%, the government is aiming to reduce the price of edible oils by 40 to 50 taka per liter.
With an annual demand for about 23 lakh tonnes of edible oil in Bangladesh, these changes could have a notable impact on the market. Additionally, the reduction in import costs could make Bangladeshi refined oils more competitive in regional markets, especially with the imposition of import duties on edible oils in India. This presents an opportunity for increased exports of refined oils from Bangladesh to India.