Commodities

Palm oil imports drop to 17-month low in November

Reuters MUMBAI | Updated on December 13, 2019 Published on December 13, 2019

India's palm oil imports fell 3 per cent in November from a year ago to the lowest level in 17-months, a leading trade body said on Friday, as refiners curtailed purchases of refined palm oil from Malaysia fearing a hike in import tax.

New Delhi's palm oil imports in November stood at 671,863 tonnes, the lowest since July 2018, the Solvent Extractors' Association (SEA) said in a statement https://bit.ly/34gkfP2.

The country imported 691,827 tonnes of palm oil in November 2018 and 778,568 tonnes in October 2019, it said.

India, the world's biggest importer of edible oils, buys palm oil mainly from Indonesia and Malaysia. It imports soyoil from Argentina and Brazil and sunflower oil from Ukraine and Russia.

Indian refiners nearly stopped palm oil purchases for November shipments from Malaysia in October fearing New Delhi could raise import taxes or enforce other measures to curb imports after Kuala Lumpur criticised New Delhi for its actions in Kashmir.

New Delhi mainly imports refined palm oil from Malaysia and crude palm oil from Indonesia.

India's soyoil imports in November fell 19 per cent from a year ago to 164,750 tonnes, while sunflower oil imports surged 59 per cent to 263,311 tonnes, the SEA said.

Published on December 13, 2019
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