Tuesday, 29 November 2022

India's palm oil imports dip over 29% to 5,53,084 tonnes in January: SEA

India's palm oil imports dip over 29% to 5,53,084 tonnes in January: SEA

India's palm oil imports decreased by 29.15 percent to 5,53,084 tonnes during January this year. Still, there was a rise in industry body Solvent Extractors Association (SEA), shipments of RBD palmolein affecting domestic refineries said on Monday. India, the world's dominant vegetable oil buyer, imported 7,80,741 tonnes of palm oils in Jan 2021.

The country's total vegetable oil imports rise 16 percent to 12.70 lakh tonnes in Jan, compared to 10.96 lakh tons in the year-ago period. The shares of palm oil are more than 60% of the country's total vegetable oil imports.

As per SEA, the reduction in duty difference between Crude Palm Oil (CPO) and Refined, Bleached & Deodorized palmolein has led to increased import of the former at the cost. CPO is a natural material for domestic refineries. Any reduction in imports of CPO impacts the refineries. CPO is a raw material for refineries in the domestic market.

It said.

"Indian refiners have a heavy gap and will compel them to close down the palm oil refinery if the government takes no correct steps to increase duty difference at least to earlier stages,"

India palm oil imports dip over 29 to 5 53084 tonnes in January SEA 1unsplash image

Read More: India Retail inflation reached 6.01% in January

As per the SEA data. Amid palm oil products, import of Crude Palm Oil declined to 4.07 lakh tons in January this year, from 7.67 lakh tons in the year-ago period,

However, the import of Refined, Bleached & Deodorized palmolein rose sharply to 1.34 lakh tons from 2,701 tons, while crude palm kernel oil (CPKO) increased to 11,209 tons from 10,204 tons in the said period. Among oils, the import of soyabean oil rose to 3.91 lakh tonnes in January this year, as against 88,667 tons in the same period of the last year.

Similarly, the import of sunflower oil increased to 3.07 lakh tons, as against Rs 2.05 lakh tons in the said period. As per SEA, edible oils stock as of 1st February this year was approximately to have been at 6.54 lakh tons, and about 12.08 lakh tons were in the pipeline.

India imports palm oil majorly from Malaysia and Indonesia and a small quantity of soft crude oil, including soyabean oil from Argentina. Sunflower oil is imported from Ukraine and Russia.

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