Last Updated : 16 November 2012 at 15:05 IST
India's refined Palm Oil imports dip 45% m/m in October
Source :Commodity Online
India's refined palm oil imports dropped sharply mainly due to an import duty hike aimed at protecting the local refining industry from cheaper Indonesian supplies of the edible oil took effect.
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MUMBAI (Commodity Online): The world's biggest vegetable oil buyer India's refined palm oil imports dropped sharply by 45% month-on-month to 61,544 tons in October this year, as per latest trade data released on Thursday.
According to the data, country imported 111,163 tons of refined palm in September this year. Country buys palm oil mainly from Indonesia and Malaysia. It also imports a small quantity of soy-oil from Brazil and Argentina.
India's refined palm oil imports dropped sharply mainly due to an import duty hike aimed at protecting the local refining industry from cheaper Indonesian supplies of the edible oil took effect.
Country's refined palm oil imports advanced 46% to 1.6 million tons in the financial year 2011/12 after top producer Indonesia changed its tax structure in October last year in an attempt to promote its processing industries. In 2011/12, India's palm oil imports stood at 7.7 million tons while soyoil imports stood at 1.1 million tons.
