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India’s palm oil imports fell 28% in May on higher stock, lower demand

15 Jun 2016 Evaluate

India’s palm oil imports fell by 28% to 657,454 tons in May, in view of higher stock availability and sluggish summer demand. As per the data compiled by Solvent Extractors’ Association (SEA), India, the world’s leading vegetable oil buyer, had imported 907,347 tons of palm oil in May last year. In last few months, there has been a sharp rise in the import of cheap RBD palmolein. But last month, overseas purchase including RBD palmolein showed a decline due to highest stock at port and pipeline and reduced demand due to summer.

Among palm oil products, import of RBD palmolein fell by 5% to 261,159 tons in May from 2,75,150 tons in the year-ago period. The shipments of crude palm oil declined by 37% to 391,796 tons from 624,201 tons, while import of crude palm kernel oil (CPKO) dropped by 44% to 4,499 tons from 7,996 tons in the mentioned period.

Among soft oils, import of soyabean oil fell to 178,064 from 289,266 tons last year while sunflower oil and rapeseed oil shipments stood at 150,449 tons and 18,718 tons, respectively. Country’s total vegetable oil imports fell 25% to 1.02 million tons from 1.37 million tons. Total stock at ports and in pipeline declined to 2.33 million tons, while the country's monthly requirement is about 1.65 million tons.

Palm oil makes up more than 65% of the country’s total vegetable oil imports. India imports palm oil mainly from Indonesia and Malaysia and a small quantity of crude soft oils, including soyabean oil from Latin America. Sunflower oil is imported from Ukraine and Russia.

 

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