In May of this year, India’s palm oil imports fell by 33.20 percent to Rs 5,14,022 tonnes, while refineries sent more RBD palmolein oil, according to the industry group Solvent Extractors Association (SEA).
In May 2021, India, the world’s largest importer of vegetable oils, bought 7,69,602 tonnes of palm oils. This year in May, the country’s total vegetable oil imports fell to Rs 10,05,547 tonnes, down from Rs 12,13,142 tonnes the previous month.
Palm oil accounts for over half of the country’s total vegetable oil imports. According to the SEA, Indonesia relaxed the restriction on palm oil exports with several conditions on May 23, as well as lowered the export tariff. This will result in an increase in Indonesian exports and a reduction in worldwide pricing.
According to SEA statistics, imports of crude palm oil (CPO) fell to 4.09 lakh tonnes in May this year, down from 7.55 lakh tonnes the previous month. However, RBD palmolein imports increased dramatically to 1 lakh tonnes from 2,075 tonnes during the same time, while crude palm kernel oil (CPKO) imports decreased to 4,265 tonnes from 11,894 tonnes.
Soyabean oil imports surged substantially to 3.73 lakh tonnes in May this year, compared to 2.67 lakh tonnes in the same time the previous year. Imports of sunflower oil, on the other hand, decreased somewhat to 1.18 lakh tonnes from 1.75 lakh tonnes over the same period.
According to the SEA, edible oil stock was anticipated to be 4.84 lakh tonnes as of June 1 this year, with another 17.65 lakh tonnes in the pipeline. India imports palm oil mostly from Indonesia and Malaysia, as well as a minor amount of crude soft oil from Argentina, including soyabean oil. Ukraine and Russia are the main suppliers of sunflower oil.