New Delhi: Of India palm oil import Industry body Solvent Extractors Association (SEA) on Tuesday said higher stocks in the domestic market led to a fall of 24 per cent in June to 5,87,467 tonnes as compared to the previous month of this year.
SEA expresses concern that recent cut in crude oil import duty bribe (CPO) and other plum oil till September, as well as unrestricted import of RBD palmolein till December would be detrimental to the interest of domestic refiners and oilseed producers.
India, the world’s leading vegetable oil buyer, imported 5,64,839 tonnes of palm oil in June 2020. Whereas in May 2021, palm oil imports stood at 7,69,602 tonnes.
The country’s total vegetable oil imports declined by 17 per cent to 9.96 lakh tonnes in June this year from 11.98 lakh tonnes in the same period a year ago.
Palm oil accounts for more than 60 percent of the country’s total vegetable oil imports.
According to SEA, vegetable oil imports in June were lower as compared to the previous month due to higher stocks in the domestic market.
Among palm oil products, crude palm oil (CPO) imports rose to 5.76 lakh tonnes in June this year from 5.63 lakh tonnes in the same period a year ago, as per SEA data.
Crude palm kernel oil (CPKO) shipments increased from 1,000 tonnes to 7,377 tonnes in the same period.
RBD palmolein imports rose to 3,200 tonnes in June this year from 300 tonnes a year ago.
Among soft oils, soybean oil imports declined to 2,06,262 tonnes in June from 3,31,171 tonnes in the same period last year.
Similarly, sunflower oil shipments fell to 1,75,702 tonnes from 2,69,428 tonnes.
According to the SEA, the unrestricted import of RBD palm oils will also open floodgates for imports of refined oils from Nepal and Bangladesh, which have severely affected refiners in eastern and northern India.
The total reserves of edible oil as on July 1 were 19.87 lakh tonnes, of which 12.60 lakh tonnes is estimated to be in the pipeline.
India mainly imports palm oil from Indonesia and Malaysia, and a small amount of crude soft oil, including soybean oil from Argentina. Sunflower oil is imported from Ukraine and Russia.
SEA expresses concern that recent cut in crude oil import duty bribe (CPO) and other plum oil till September, as well as unrestricted import of RBD palmolein till December would be detrimental to the interest of domestic refiners and oilseed producers.
India, the world’s leading vegetable oil buyer, imported 5,64,839 tonnes of palm oil in June 2020. Whereas in May 2021, palm oil imports stood at 7,69,602 tonnes.
The country’s total vegetable oil imports declined by 17 per cent to 9.96 lakh tonnes in June this year from 11.98 lakh tonnes in the same period a year ago.
Palm oil accounts for more than 60 percent of the country’s total vegetable oil imports.
According to SEA, vegetable oil imports in June were lower as compared to the previous month due to higher stocks in the domestic market.
Among palm oil products, crude palm oil (CPO) imports rose to 5.76 lakh tonnes in June this year from 5.63 lakh tonnes in the same period a year ago, as per SEA data.
Crude palm kernel oil (CPKO) shipments increased from 1,000 tonnes to 7,377 tonnes in the same period.
RBD palmolein imports rose to 3,200 tonnes in June this year from 300 tonnes a year ago.
Among soft oils, soybean oil imports declined to 2,06,262 tonnes in June from 3,31,171 tonnes in the same period last year.
Similarly, sunflower oil shipments fell to 1,75,702 tonnes from 2,69,428 tonnes.
According to the SEA, the unrestricted import of RBD palm oils will also open floodgates for imports of refined oils from Nepal and Bangladesh, which have severely affected refiners in eastern and northern India.
The total reserves of edible oil as on July 1 were 19.87 lakh tonnes, of which 12.60 lakh tonnes is estimated to be in the pipeline.
India mainly imports palm oil from Indonesia and Malaysia, and a small amount of crude soft oil, including soybean oil from Argentina. Sunflower oil is imported from Ukraine and Russia.
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