The Solvent Extractors’ Association of India’s (SEA) executive director, B.V. Mehta has said that India’s palm oil imports are likely to fall 15% in 2017-18 from the year before to their lowest in six years, due to a hike in import taxes, a weaker rupee and tighter credit for would-be buyers.
Mehta noted that in the last three months of the year, imports could be around 1.8 million tonnes, with an average of 600,000 tonnes per month. Last year, India imported 2.55 million tonnes in the August to October period. He said lower palm imports will drag down the country’s total edible oil purchases this year by 6% to 14.2 million tonnes.
As per the SEA data, India’s palm oil imports fell 9.5% to 6.1 million tonnes in the first nine months of the 2017-18 marketing year that started on November 01. The data also showed that palm oil accounted for as much as 86% of India’s total edible oil imports a decade ago, but its share last year dropped to 62% and could fall to a record low of 56% this year.
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