16.
11.21
14:04

India pays record sums for vegetable oil imports

India's vegetable oil import bill rose 63% year over year in 2020/21 to a record 1.17 trillion rupees ($ 15.71 billion) as edible oil prices skyrocketed. This was announced by a leading trade organization today.
The South Asian nation is the world's largest importer of edible oils, and larger imports of palm oil in particular could support the Malaysian benchmark futures. The stock market prices for this are now trading close to a record high.
According to the Solvent Extractors' Association of India (SEA), imports of 13.53 million tonnes for the 2020/21 marketing year ended October 31 were slightly higher than 13.52 million tonnes a year ago.
India's palm oil imports rose 15.2% year over year to 8.32 million tons after the government cut import taxes and allowed refined palm oil to be shipped, the trade organization said in a statement.
In an effort to lower domestic prices for edible oil, New Delhi has cut import taxes on edible oil three times in the past six months.
India's soybean oil imports fell by 15% to 2.87 million tons in 2020/21, while sunflower oil purchases fell by a quarter to 1.9 million tons.
India buys palm oil from Indonesia and Malaysia, with soybean oil mainly imported from Argentina and Brazil. Sunflower oil is also obtained from Russia and Ukraine.
Vegetable oil imports could fall slightly in the new marketing year, which began on November 1st, as domestic supply of oilseeds such as soy, peanuts and rapeseed will increase, said BV Mehta, SEA's executive director.
"The lower demand is also due to record prices," Mehta told Reuters.
India's imports of palm oil could fall in 2021/22 due to a sharp rise in prices in recent months, which would make way for soybean and sunflower oil.

Source
Hansa Terminhandel GmbH
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