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Palm oil imports of India increase by 1.4% in July: SEA

17 Aug 2020 Evaluate

The Solvent Extractors' Association of India (SEA) in its latest report has stated that palm oil imports of India increased by 1.4% in July from a year earlier to a 10-month high of 8,24,078 tonnes as a gradual easing of Covid-19 lockdowns increased demand at hotels and restaurants.

As per the data, the country's soyoil imports in July surged 52% from a year ago to 4,84,525 tonnes, while sunflower oil imports rose 4% to 2,08,747 tonnes. India buys palm oil from Indonesia and Malaysia, and other oils, such as soyoil and sunflower oil, from Argentina, Brazil, Ukraine and Russia.

The SEA said higher imports of palm oil and soyoil lifted India's edible oil imports in July by 13% from a year ago to 1.52 million tonnes, the highest in 11-months. It noted that in the first nine months of the 2019-20 marketing year that started in November last year, India's edible oil imports fell 11.4% from a year earlier due to a sharp drop in imports of refined palm oil.

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