Palm Oil Imports Jump by 10% in November: SEA

Imports of palm oil in India rose by 10 per cent to 8,73,592 tonnes in November due to world prices and slower export duties to zero, Indonesia and Malaysia, industry body the hood Association (SEA), said today.



India, the largest buyer of vegetable oil in the world, bought 7,96,587 tons of palm oil in November last year. To limit the importation of cheaper MAR-looking city moves import duty of refined edible oil up 27.5 percent from the current account of oil cent.Palm 20 to 65 percent of total imports of vegetable oil in the country. India meets 60 percent of its annual demand for vegetable oil for 17-18 million tons of imports. Imports of palm oil increased due to oversupply in the international market, with lower prices and export duties to zero, Indonesia and Malaysia increased its exports to India, 'said the water statement.Concerned increase in imports of RBD palm olein, IDA has demands on government rise in finding the correct import of refined edible oil by 27.5 percent, and thereby maintain a working difference, at least about 15 percent between the oil and light oil. Today, the direct import of palm olein cheaper watershed R 3,000 per tonne compared to the production in the country, with the use of Crude Palm Oil (CPO), a route that said.SEA said high tariffs on refined oil to reduce imports of finished products and increase production in India . This will also ensure low prices for farmers and help local refineries to improve capacity utilization. Currently, the import duty on crude edible oil 12.5 per cent, while refined oil is 20 percent. Among the products of palm oil, SEA said import refined palm oil (RBD palm olein) quadrupled 2,31,672 in November this year to 55,815 tons in the previous year, while deliveries of crude palm oil (CPO) fell 6, 27,404 tons 7,12,881 tonnes of oil period.Import palm kernel oil (CPKO) also decreased to 14,515 tons in November this year, 27,891 tons in the prior-year period, he said. Among soft oils import of soybean oil rose more thantwofold to 2,61,338 tonnes from 1,21,097 tonnes in November, but the supply of sunflower oil declined to 1,77,658 tonnes from 1,94,032 tonnes, while deliveries of rapeseed oil was 24,850 tons, total imports from vegetable oil period.The the country increased by 13 per cent to 13,42,435 tonnes in November from 11,89,934 tonnes in the previous year. India imports mainly palm oil from Indonesia and Malaysia and a small quantity of light crude oils, including soybean oil in Latin America. Sunflower oil imported from Ukraine and Russia.