New Delhi: Indian palm oil imports fell 24 percent to 5,87,467 tons in June for the previous month this year due to higher stock in the domestic market, the industrial body solvent extractor association (sea) said on Tuesday.
The sea expressed concern that the recent cutting in import duties (CPO) and other plalam oils until September, and imports that were not limited from Palmolein RBD until December would harm the interests of domestic sedation and farmers.
India, the world’s leading vegetable oil buyer, has imported 5,64,839 tons of palm oil in June 2020.
While in May 2021, oil palm imports reached 7,69,602 tons.
The total imports of vegetable oil in the country decreased by 17 percent of Rs 9.96 lakh tons in June this year compared to 11.98 lakh tons in the period last year.
Section of palm oil is more than 60 percent of the total imports of state vegetable oil.
According to the sea, vegetable oil imports in June were lower than the previous month because of higher stock in the domestic market.
Among palm oil products, imports of crude palm oil (CPO) rose to Rs 5.76 lakh tons in June this year from 5.63 lakh tons in the period last year, according to marine data.
Shipping of crude palm oil (CPKO) increased to 7,377 tons from 1,000 tons in the same period.
Palmolein RBD imports rose to 3,200 tons in June this year from 300 tons a year ago.
Among soft oil, soybean oil imports decreased to 2,06,262 tons in June from 3.31,171 tons in the same period last year.
Similarly, delivery of sunflower oil fell to 1.75,702 tons from 2,69,428 tons.
According to the sea, imports are not limited to palm oil RBD will also open flood gates for processed oil imported from Nepal and Bangladesh at zero tasks, seriously crashing into distillation in East and North India.
As on July 1, there is a total oil stock that can be eaten by 19.87 lakh tons, where 12.60 lakh tons are estimated to be in the pipe.
India imports palm oil mainly from Indonesia and Malaysia, and a small amount of raw soft oil, including soybean oil from Argentina.
Sunflower oil is imported from Ukraine and Russia.