India’s vegetable oil imports in December fell 10% from a year ago to 1.1 million tonnes as refiners slashed overseas Soyoil purchases after supplies rose from the local crop, trade body Solvent Extractors’ Association of India (SEA) said.
The country’s imports of Soyoil stood at 79,250 tonnes for the month, well down on the 232,132 tonnes bought last year, SEA said in a statement.
Soybean crushing has picked up after the duty hike, the association said.
India, the world’s biggest edible oil buyer, in November doubled the import tax on Crude Palm Oil to 30 percent, while the duty on refined Palm Oil was raised to 40 percent from 25 percent.
The country’s Palm Oil imports in December were 722,857 tonnes, slightly down from 723,158 tonnes a year ago, the SEA data showed.
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.