Mumbai: Of India palm oil import May fell 10% from a month earlier as top producer Indonesia curbed exports of edible oil, a trade body said on Tuesday.
The South Asian country is the world’s biggest importer of vegetable oils and low purchases could hit Malaysians bribe Promise.
According to the Solvent Extractors Association (SEA), India imported 514,022 tonnes of palm oil in May, up from 572,508 tonnes in April.
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.
In May, Indian refiners used to source more palm oil from Malaysia, Thailand and Papua New Guinea, SEA said, but the overall imports were still low.
“In June, palm oil imports could exceed 600,000 tonnes as Indonesia starts granting export permits,” said a Mumbai-based dealer of a global trading firm.
Indonesia’s export allocation for palm oil products has been increased to 2.25 million tonnes, a senior trade ministry official said on Monday.
India’s soy oil imports in May rose 37% to 373,043 tonnes from a month earlier, while sunflower oil imports more than doubled to 118,482 tonnes, the trade body said.
India mainly buys soya oil from Argentina and Brazil and sunflower oil from Ukraine and Russia.
Traders said the country’s soya oil imports may rise sharply in the coming months as New Delhi has allowed duty-free import of two million tonnes of the commodity.
The South Asian country is the world’s biggest importer of vegetable oils and low purchases could hit Malaysians bribe Promise.
According to the Solvent Extractors Association (SEA), India imported 514,022 tonnes of palm oil in May, up from 572,508 tonnes in April.
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.
In May, Indian refiners used to source more palm oil from Malaysia, Thailand and Papua New Guinea, SEA said, but the overall imports were still low.
“In June, palm oil imports could exceed 600,000 tonnes as Indonesia starts granting export permits,” said a Mumbai-based dealer of a global trading firm.
Indonesia’s export allocation for palm oil products has been increased to 2.25 million tonnes, a senior trade ministry official said on Monday.
India’s soy oil imports in May rose 37% to 373,043 tonnes from a month earlier, while sunflower oil imports more than doubled to 118,482 tonnes, the trade body said.
India mainly buys soya oil from Argentina and Brazil and sunflower oil from Ukraine and Russia.
Traders said the country’s soya oil imports may rise sharply in the coming months as New Delhi has allowed duty-free import of two million tonnes of the commodity.