The country’s total vegetable oil imports increased by 15 per cent to 10.16 lakh tonnes in the June this year from 8.84 lakh tonnes in the year-ago period.
Palm oil, which accounts for 70 per cent of vegetable oil imports, rose by 23 per cent to 7.34 lakh tonnes in June against the year-ago period on account of lower global prices, according to Solvent Extractors’ Association (SEA).
India, the world’s leading vegetable oil buyer, had purchased 5.98 lakh tonnes of palm oil in June last year. India meets 60 per cent of its annual vegetable oil demand of 17-18 million tonnes via imports.
According to SEA, imports have increased due to fall in international prices. For instance, prices of RBD palmolein have dropped by 19 per cent, crude palm oil (CPO) by 22 per cent, crude soybean oil by 17 per cent and crude sunflower oil by 2 per cent in the last one year.
Similarly, the rupee has also depreciated by 6.8 per cent in the said period, it said in a statement.
Among palm oil products, import of CPO increased by 12 per cent to 5.71 lakh tonnes in June this year from 5,12 lakh tonnes in the year-ago, while that of refined palm oil (RBD Palmolein) rose by 84 per cent to 1.47 lakh tonnes from 80,391 tonnes during the period under review.
Among soft oils, import of soyabean oil rose by 55 per cent to 1.54 lakh tonnes in June from 99,682 tonnes, sunflower oil fell by 32 per cent to 1.05 lakh tonnes from 1.55 lakh tonnes, while rapeseed oil shipments were 20,450 tonnes in the said period
India imports palm oil mainly from Indonesia and Malaysia and a small quantity of crude soft oils, including soyabean oil, from Latin America. Sunflower oil is imported from Ukraine and Russia.
Source:hellenicshippingnews.com
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