Imports of crude palm oil rose 45 per cent to 7.67 lakh tonnes

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Mumbai, Ta. 13 February 2021, Saturday

India's crude palm oil imports in January grew by 7.5 per cent year-on-year to 6.5 lakh tonnes. In January last year, the figure was 6.5 lakh tonnes, according to the Solvent Extractors' Association of India (C).

Since November last year, the import duty on crude palm oil has been reduced from 7.50 per cent to 7.50 per cent. While the duty on soft oil has been maintained at 5 per cent, which has led to an increase in palm oil imports.

India's palm oil imports are mainly from Malaysia and Indonesia. In January, the country imported 4.5 lakh tonnes from Malaysia and 2.50 lakh tonnes from Indonesia. Overall imports of edible oil fell by 3% to 10.4 lakh tonnes in January. Soybean oil imports fell sharply to 8 tonnes in January from 2.50 lakh tonnes in January last year. Argentina has seen a decline in soybean oil imports due to logistical disruptions.

The truckers' strike in Argentina in November 2020 had a major impact on loading. This had an impact on soybean revenue in India, association sources said.

The stocks of edible oils at various ports of the country as on February 1, 2021 stood at 4.5 lakh tonnes, including 5.5 lakh tonnes of crude palm oil, 5,000 tonnes of RBD palmolin, 1.12 lakh tonnes of digam soybean oil and 1.2 lakh tonnes of crude sunflower oil. Was happening.

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