Import of palm oil slid in 33%!!
Palm Oil: Import of palm oil fell by 33 percent to 5.14 lakh tonnes in May
The country's palm oil imports fell by 33.20 per cent to 5,14,022 tonnes in May. It was 7.69 lakh tonnes in the same month a year ago. The Solvent Extractors Association (SEA) said that the import of RBD palmolein oil increased during this period.
India is the world's largest buyer of vegetable oil. It said total vegetable oil imports declined to 10.05 lakh tonnes in May from 12.13 lakh tonnes in the same period a year ago. indonesia decided to lift the ban on the export of palm oil from 23 May and also reduced the export tax. This is expected to increase exports from Indonesia.
Palm oil accounts for 50 per cent of the country's vegetable oil imports. Among palm oil products, crude palm oil imports declined to 4.09 lakh tonnes from 7.55 lakh tonnes a year ago. soybean oil imports stood at 3.73 lakh tonnes in May this year as against 2.67 lakh tonnes a year ago. Sunflower oil imports declined to 1.18 lakh tonnes as against 1.75 lakh tonnes in the same period.
SEA said that the stock of edible oil is expected to be 4.84 lakh tonnes till june 1. While 17.65 lakh tonnes is in the pipeline. india imports palm oil mainly from indonesia and Malaysia. A little bit of it is also imported from Argentina. Sunflower oil comes from ukraine and Russia.
The country's palm oil imports fell by 33.20 per cent to 5,14,022 tonnes in May. It was 7.69 lakh tonnes in the same month a year ago. The Solvent Extractors Association (SEA) said that the import of RBD palmolein oil increased during this period.
India is the world's largest buyer of vegetable oil. It said total vegetable oil imports declined to 10.05 lakh tonnes in May from 12.13 lakh tonnes in the same period a year ago. indonesia decided to lift the ban on the export of palm oil from 23 May and also reduced the export tax. This is expected to increase exports from Indonesia.
Palm oil accounts for 50 per cent of the country's vegetable oil imports. Among palm oil products, crude palm oil imports declined to 4.09 lakh tonnes from 7.55 lakh tonnes a year ago. soybean oil imports stood at 3.73 lakh tonnes in May this year as against 2.67 lakh tonnes a year ago. Sunflower oil imports declined to 1.18 lakh tonnes as against 1.75 lakh tonnes in the same period.
SEA said that the stock of edible oil is expected to be 4.84 lakh tonnes till june 1. While 17.65 lakh tonnes is in the pipeline. india imports palm oil mainly from indonesia and Malaysia. A little bit of it is also imported from Argentina. Sunflower oil comes from ukraine and Russia.