Home Business India’s Palm Oil Import Dropped By 14% Surge In August

India’s Palm Oil Import Dropped By 14% Surge In August

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India's Palm Oil Import Dropped By 14% Surge In August
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India’s import of Palm Oil Import Dropped 13.86 percent in August 2020, on account of tightened norms on the shipment of RBD Palmolien.

The fall in imports of RBD Palmolein is helping the domestic industry to utilize their higher capacity, as said in a statement.

The overall import of palm oils dropped to 7,34,351 tonne during August this year from 8,52,534 tonne in the same month previous year.

RBD Palmolein was placed under the restricted import list on January 8, 2020, and since then, it has drastically affected the imports.

The palm oil share accounts for more than 60 percent of the country’s total vegetable oil imports.

As per the data released among palm oil products, the import of crude palm oil has increased to 7,24,351 tonne in August from 5,87,329 tonne in the previous year.

The import of crude palm kernel oil has risen to 10,000 tonnes from 7,500 tonnes, while no shipments of RBD Palmolein were undertaken in the said period.
Besides palm oils, the country also imported 5,74,054 tonne of soft oils — soyabean oil, sunflower oil, and canola.

The import of soyabean oil has declined in August 2020 as it was a year ago, whereas the shipment of sunflower oil fell to 1,58,518 tonne as against 2,30,023 tonne in the said period.

Citing demand destruction due to the COVID-19 pandemic, the SEA projected country’s overall vegetable oil imports could decline by 14-15 lakh tonne to around 134-135 lakh tonnes.

There was higher edible oil stock of 17,31,000 tonne at various ports by September 1, and the stock was rebuilt in the last three months due to a higher import of edible oils.

India imports palm oil from Indonesia and Malaysia, whereas a small quantity of soft crude oil, including soybean oil from Argentina. Sunflower oil is used to import from Ukraine and Russia.

Written by- Mousami Jena
Image courtsey- Google

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