New Delhi: Of India palm oil import June saw an increase of 14.96% over the previous month as the world’s largest importer of vegetable oils made purchases from Malaysia, Thailand and Papua New Guinea to offset the impact of export restrictions imposed by Indonesia.
In June, India imported 590,921 tonnes of palm oil, the most consumed edible oil in the country as well as globally, up from 514,022 tonnes in May, Mumbai-based trade body Solvent Extractors Association (SEA) said in a statement. Told. Statement.
Indonesia, the world’s largest palm oil producer and exporter, halted exports of the product on April 28 to control rising prices domestically. Jakarta allowed exports to resume from May 23 but put in place policies to protect domestic supplies.
India’s June palm oil imports were in line with expectations of a 15% jump in overseas purchases of the vegetable oil industry.
More buying of palm oil by India may support Malaysian palm oil futures.
Malaysian palm oil futures fell more than 6% on Wednesday on weak July exports, while fears of renewed Covid-19 restrictions in China sold off rival Dalian Oils.
In July, India’s palm oil imports are set to hit the highest level in 10 months on the back of a significant price correction, as Indonesia allows more tropical oil exports.
Sunflower oil imports rose to 119,558 tonnes in June from 118,482 tonnes in May. The country’s soya oil imports in June declined to 230,992 tonnes from 373,043 tonnes a month ago, SEA said.
India mainly buys palm oil from Indonesia, Malaysia and Thailand, while soya oil is mainly sourced from Argentina, Brazil and the United States. India imports sunflower oil from Ukraine and Russia.
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