India’s CBIC has raised customs tariff values for gold, silver, crude palm oil and soybean oil to manage import costs amid global commodity swings. Gold in any form will now attract a tariff value of $1,508 per 10 grams, while silver is set at $2,810 per kilogram. The changes take effect May 16, 2026. Policymakers are also acting to limit pressure on foreign exchange reserves, especially during geopolitical strain from the West Asia conflict.
Argentina and India are tightening economic ties, with India now among Argentina’s top trade partners. The partnership is driven by food security and access to essential minerals, but the standout shift is Argentina’s role as a key exporter of edible oils to India. The cooperation also supports India’s energy security needs, building on momentum from 2019.
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India’s palm oil imports fell 27% in April to the lowest in a year as sluggish institutional demand and a narrower price advantage versus competing oils weighed on purchases. The drop may spill into global palm oil futures. At the same time, imports of soyoil and sunflower oil surged, lifting overall edible oil imports to a 2026 high.
The government has said there is currently no proposal to supply edible oils to consumers at subsidised rates. Data shows domestic production of edible oils in 2020-21 was 111.51 lakh tonnes against imports of 134.52 lakh tonnes, while demand reached 246.03 lakh tonnes. Groundnut oil retail prices also rose sharply to Rs 176.28 per kg.
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