Palm oil imports leap 34% to 684,000 tonnes in April on decrease world costs | Information

India’s palm oil imports registered a 34.11 per cent leap on-year in April to six,84,000 tonnes, buoyed by a fall in world costs, the Solvent Extractors’ Affiliation of India (SEA) stated on Tuesday.

Palm oil accounted for 52 per cent of India’s complete edible oil imports of 13,04,409 tonnes in April, the commerce physique stated in an announcement, including that sunflower and soybean oils import stood at 6,20,315 tonnes.

Together with non-edible oils, total vegetable oil imports rose 26 per cent in April to 13,18,528 tonnes in comparison with 10,50,189 tonnes a yr in the past, it stated.

Bearish world costs inspired larger imports of refined, bleached and deodorized (RBD) palmolein and crude palm oil (CPO), which declined by practically $100 a tonne final month, SEA stated.

Soybean oil costs fell $40 per tonne globally, whereas the sunflower oil fee dropped simply $15 a tonne during the last month, it added.

Amongst palm oils, RBD palmolein imports climbed to 1,24,228 tonnes as towards 1,12,248 tonnes within the year-ago interval.

CPO (crude palm oil) shipments elevated 36 per cent to five,36,248 tonnes over 3,93,856 tonnes, whereas crude palm kernel oil imports jumped practically 6-fold to 23,618 tonnes from 3,990 tonnes.

For tender oils, soybean oil imports surged to three,85,514 tonnes from 2,62,455 tonnes, although sunflower oil inflows eased to 2,34,801 tonnes from 2,49,122 tonnes.

As of Might 1, India held 22.45 lakh tonnes of edible oil stockpiles, SEA stated.

India is the world’s largest edible oil importer. Indonesia and Malaysia are the key suppliers of RBD palmolein and CPO, whereas soybean oil is imported from Argentina and Brazil, and sunflower oil from Russia, Romania and Ukraine.

First Revealed: Might 14 2024 | 4:00 PM IST