India’s palm oil imports increase by 2.25% in April
The Dollar Business Bureau
India had imported 7,36,036 tonnes of palm oil in April 2017. It is one of the leading buyers of vegetable oils in the world. Its total vegetable oil import increased by 7% to 13,39,489 tonnes in April this year, from 12,48,887 tonnes of the previous year.
According to the industry body, Solvent Extractors Association (SEA), in April India’s palm oil imports rose 2.25% to 7,52,632 tonnes due to higher shipment of crude palm oil. Of the total oils imported into India palm oils take up 62% of the share. In the first half of the year vegetable oils imports declined to 43,02135 tonnes from 43,40,890 tonnes imported the previous year.
SEA says the difference in the landed price between RBD palmolein and CPO has narrowed thereby encouraging the increased shipment of CPO this month. The strengthening of the rupee in the last 3 months also supported the import of vegetable oils.
According to the statement filed by SEA, in the palm oil products category, import of crude palm oil increased to 5,11,139 tonnes in April 2017, from 3,98,606 tonnes from the previous year. The shipment of RBD palmolein however fell to 2,32,243 tonnes from 3,25,902 tonnes while that of import of crude palm kernel oil (CPKO) fell to 9,250 tonnes, from 11,528 tonnes in the same period.
Under the soft oils category, imports of sunflower oil increased to 2,34,516 tonnes in April 2017 from 1,00570 tonnes in 2016. Soyabean oil shipments however dropped to 3,04,942 tonnes from 3,48,195 tonnes. SEA said, "Importers continue to make larger import of sunflower oil, taking advantage of attractive price vis-a-vis soyabean oil.”