India Boosts Lentil Import Duty
PANAMA - Jun 14/19 - SNS -- Lentil markets finished the week's trading on a relatively firm note, though worried about future demand prospects because of India's decision to boost import duties on U.S. origin product.
The increase took effect during the weekend and raises the basic import duty on lentils from the United States from 30% to 50%. The country applies a 10% cess on duties paid, lifting the effective duty rate to 55%. Lentil shipments which arrived in India prior to June 15 and for which the vessel filed an Import General Manifest or the importer filled a bill of entry are unaffected.
Lentil imports by India have been relatively strong so far during the 2019 calendar year, rising 31,700 MT above last year to almost 87,000 metric tons (MT) between January and March. However, imports remain well below the recent five year average of 214,187 MT for the first three months of the calendar year.
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