India’s palm oil imports drop 16% in June

NEW DELHI (July 15): India’s palm oil imports dropped 16% in June from the previous month, while overall edible oil imports declined by about 9%.

The world’s biggest importer of vegetable oil bought 686,886 tonnes of palm oil last month compared with 818,149 tonnes in May.

According to the monthly data released by the industry group, Solvent Extractors’ Association of India (SEA) on Monday, palm oil’s share in India’s edible oil imports stood at 64% in June, while refined products accounted for 24% of the palm oil segment.Advertisement

India’s palm oil imports remained strong compared with other edible oils due to its competitive price advantage.

Palm oil prices in international markets have gone down by between 14% and 21% over the past 12 months, while the decline for soft oils were between three- and five per cent, thus making palm oil more attractive, SEA said.

The country’s total edible oil imports stood at about one million tonnes in June compared with 1.1 million tonnes in May. — Bernama

Source : The Edge Markets