India's Palm Oil imports climb 65% in May
Commodity Online | June 17 2019
UPDATED 10:50:53 IST

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India's palm oil imports climbed 65% in May from a year earlier due to lower import duty and a drop in prices, a leading trade body said.

Palm oil imports totalled 818,149 tonnes last month, including 371,060 tonnes of refined palm oil, the Solvent Extractors' Association (SEA) said in a statement.

India, the world's biggest importer of edible oils, had imported 157,832 tonnes of refined palm oil in the year-ago period.

India's decision to cut duty on refined palm oil imports from Malaysia, halved the spread between refined and palm oil duty structures to 5%, making it lucrative for importers to buy refined products from the Southeast Asian country, the SEA said.

In January, India cut duty on refined palm oil sourced from Malaysia to 45% from 54% as part of a Comprehensive Economic Cooperation Agreement (CECA) signed by the two countries nearly a decade ago.

Indian edible oil refiners have asked the government to raise duty on refined palm oil imports from Malaysia to protect the local industry following a surge in inbound shipments from the South-east Asian country, a trade body said.

India is the world's biggest importer of edible oils. Its refined palm oil imports in May jumped to 371,060 tonnes from 238,479 tonnes in April, the Solvent Extractors' Association (SEA) said in a letter to the government.

In January, India cut duty on refined palm oil sourced from Malaysia to 45% from 54% as part of a Comprehensive Economic Cooperation Agreement (CECA) signed by the two countries nearly a decade ago.

"We strongly appeal to the government to kindly scrap the CECA agreement with Malaysia with immediate effect and impose higher duty on RBD palmolein to save domestic refiners and oilseed farmers," the SEA said.

India primarily imports palm oil from Indonesia and Malaysia and soyoil from Argentina and Brazil. It also buys small volumes of sunflower oil from Ukraine and canola oil from Canada.

The country's soyoil imports fell 42% in May from a year ago to 232,003 tonnes, while sunflower oil imports plunged 61% to 130,634 tonnes, the SEA said.

 

Commodity Arrivals Rate
Mustard Oil 60 8500.00
Coconut Oil 1 16800.00
Arecanut 55 5000.00
Sugar 6 3500.00

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