India’s palm oil imports higher due to Malaysia’s duty suspension

File picture shows a worker unloading  oil palm fruits from a lorry inside a palm oil factory in Salak Tinggi, outside Kuala Lumpur August 4, 2014. — Reuters pic
File picture shows a worker unloading oil palm fruits from a lorry inside a palm oil factory in Salak Tinggi, outside Kuala Lumpur August 4, 2014. — Reuters pic

NEW DELHI, April 16 — India’s palm oil imports for the five-month period to March 2018 increased to 3.79 million tonnes from 3.55 million tonnes a year earlier, thanks to Malaysia’s export duty suspension.

The Solvent Extractors’ Association (SEA) of India said palm oil imports constituted 66 per cent of the country’s total vegetable oil imports during the period from November 2017 to March 2018.

The world’s largest vegetable oil buyer imported 5.93 million tonnes of vegetable oils in the period under review compared with 5.80 million tonnes previously, it said in a statement today.

Out of the total, edible oils accounted for 5.78 million tonnes.

During the five-month period, imports of refined oils (RBD palm olein) showed a declining trend, falling to 770,581 tonnes from 1.135 million tonnes in the previous corresponding period.

“Imports of crude edible oils increased to five million tonnes from 4.54 million tonnes (Nov 2016 — March 2017) mainly due to increased imports of crude palm oil (CPO) and sunflower oil while soybean oil decreased,” the association said.

On the stock of edible oils at various ports as at April 1, 2018, SEA estimated the figure at 770,000 tonnes, out of which CPO made up 350,000 tonnes.

The rest of the stock comprised RBD palm olein (160,000 tonnes), degummed soybean oil (80,000 tonnes), crude sunflower oil (160,000 tonnes) and rapeseed oil (20,000 tonnes).

SEA said total stock in the pipelines amounted to about 1.34 million tonnes as at April 1. — Bernama

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