Edible oils import duty
Union minister for consumer affairs and public distribution Shanta Kumar on Thursday said that the government is reviewing the customs duty regime on the import of edible oils and a decision would be taken soon. Addressing a meeting of industrialists at the PHD Chamber of Commerce and Industry in New Delhi, Kumar said that the indigenous edible oil industry has been demanding hike in the import duty on the commodity in view of its cheap imports into the country. He said the government also intends to impose a 50 per cent duty on import of wheat to discourage its imports because of its huge stocks in FCI godowns and an expected bumper wheat crop early next year. Most of this is of poor quality and is not acceptable to the public, he added. The minister conceded that around 35-40 per cent of foodgrains and other essential commodities supplies through public distribution system are diverted. He underlined the need for streamlining the new PDS, the procurement system and the cost of maintenance of foodgrains. Heindicated the revamping of the super bazaars and said that he would discuss the issue with the prime minister as to whether it was necessary for the government to run such shops.

Pakistan sugar exports
Pakistan's agriculture minister Shafqat Jamote said on Thursday the government would decide next week whether or not to allow sugar exports. Pakistan Sugar Mills' Association has asked the government to allow export of 2,00,000 tonnes of surplus sugar in two phases after assessing domestic production and demand.``We have to sit down next week to take a decision (on sugar exports),'' Jamote told reporters. The sugar industry says production in the 1999-2000 season, which began in October and ends in April, will be 3.1 million tonnes against the domestic demand of 2.9 million tonnes.``There will be surplus sugar but not too much,'' Jamote said but gave no details. The sugar industry sees exports essential to keep Pakistani traders visible in the international markets. Last year, Pakistan produced 3.5 million tonnes of sugar and exported 5,05,017 tonnes, mostly to India and Indonesia.

Malaysian palm oil prices fall
Malaysian palm oil prices fell back to close mostly lower on Thursday after rising earlier on news China had approved additional import quotas and on Wednesday's supportive data. ``Profit-taking and selling emerged in late trade and prices fell back from morning highs,'' said a trader. He added the market fell after third month February was unable to rise above the 1,200 ringgit level. By the close, the new trading month March contract was down eight ringgit at 1,178 ringgit ($310) a tonne after rising to 1,200.`` The Chinese news did help the market initially, but thereafter buyers turned cautious. People feel the amount (quotas) was as expected,'' the trader said. Hong Kong traders said China has issued quotas to import about 5,00,000 tonnes of vegetable oil beginning now through the end of March 2000. The quotas covered about 3,50,000 tonnes for palm oil imports and 1,50,000 tonnes for soybean oil and were in line with market expectations, traders said.Local traders said the morning market was also aidedby supportive November crop data from forecaster Ivan Wong and the December 1-15 exports by cargo surveyor SGS (M) Sdn Bhd.