India's July palm oil imports dip over 43% to 4.65 lakh tonne

India's palm oil imports fell 43.55 per cent year-on-year to 4.65 lakh tonne in July due to higher domestic stocks, industry body Solvent Extractors Association (SEA) said on Monday.

India, the world's leading vegetable oil buyer, had imported 8.24 lakh tonne palm oils in July 2020.

The country's total vegetable oil imports declined 37 per cent to 9.17 lakh tonne in July this year, compared to 15.17 lakh tonne in the year-ago period.

The share of palm oil is more than 60 per cent of the country's total vegetable oil imports.

According to SEA, imports were down when compared to last month due to higher stock in the domestic market.

The government on June 30, decided to allow unrestricted import of RBD palmoloein and palm oils till December this year, which the SEA said would be detrimental to the interest of domestic refiners and oilseeds.

This will also open flood gates for import of refined oils at zero duty from Nepal and Bangladesh under South Asian Free Trade Area (SAFTA) agreement, it added.

Among palm oil products, import of crude palm oil (CPO) declined to 4.51 lakh tonne in July this year from 8.20 lakh tonne in the year-ago period, as per SEA data.

The shipment of crude palm kernel oil (CPKO) also declined to 250 tonne from 4,800 tonne in the same period.

However, the import of RBD palmolein stood at 13,895 tonne in July this year, while it remained 'zero' in the year-ago period.

Among soft oils, the import of soyabean oil declined to 3.79 lakh tonne in July, from 4.84 lakh tonne in the same period last year.

Similarly, the shipment of sunflower oil fell to 71,838 tonne from 2.08 lakh tonne.

As on August 1, there was a total edible oil stock of 16.95 lakh tonne, out of which 11.10 lakh tonne is estimated to be in the pipeline.

India imports palm oil mainly from Indonesia and Malaysia, and a small quantity of crude soft oil, including soyabean oil from Argentina. Sunflower oil is imported from Ukraine and Russia.


(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel