Import Taxes News
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Angola, Africa’s second-largest crude oil producer, plans to increase customs tariffs to protect local business while eliminating duties on supplies for industry.
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Palm oil inventories in China, the world’s second-biggest importer after India, rose to a record as inbound shipments outpaced consumption, according to China Cereals & Oils Business Net.
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Gold imports by India, the world’s largest consumer, are set to exceed 100 metric tons for a second month in May as jewelers rush to beat central bank curbs on overseas bullion purchases by banks, a refiner said.
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Gold imports by India, the world’s largest consumer, are poised to fall after the central bank restricted overseas purchases by banks to reduce domestic demand and curb a record current-account deficit.
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The gold rout may narrow India’s record current-account deficit, easing pressure on the rupee, damping inflation and boosting scope for a further reduction in interest rates.
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A rush by Indian consumers to buy gold jewelry and coins after the biggest plunge in prices in three decades is prompting jewelers to offer premiums on imports as traders and banks run out of stockpiles, a trade group said.
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The biggest slump in gold prices in three decades is poised to revive jewelry demand among Indian housewives and brides before the wedding and festival seasons, according to Gitanjali Gems Ltd. and Rajesh Exports Ltd.
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The biggest slump in gold prices in three decades is poised to revive jewelry demand among Indian housewives and brides before the wedding and festival seasons, according to Gitanjali Gems Ltd. and Rajesh Exports Ltd.
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Gold buyers in India, the world’s biggest consumer, are flocking to stores to buy jewelry and coins, betting a selloff that plunged bullion to a two-year low may be overdone.
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India, the largest cooking oil consumer after China, will probably increase taxes on imports to shield oilseed farmers from cheap palm supplies from Indonesia and Malaysia, according to a trade group. Futures declined.
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