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Palm Oil Import News Due To Ban In Indonesia Palm Oil Imports Decreased By 33 Percent In May

Palm Oil Import News: The country's edible oil imports fell...

Palm Oil Import News: The country’s edible oil imports fell by 33.20 percent to 5,14,022 tonnes in May this year. Solvent Extractors Association of India gave this information on Tuesday. However, there has been a significant increase in the import of RBD Palmolein in the month under review. India is the world’s major buyer of vegetable oils. Palm oil imports stood at 7,69,602 tonnes in May 2021.

According to the SEA, the country’s total vegetable oil imports declined to 10,05,547 tonnes in May from 12,13,142 tonnes in the same month a year ago. Palm oil accounts for about 50 percent of the country’s vegetable oil imports.

Indonesia has now lifted the ban on exports

According to the news, Indonesia has lifted the ban on export of palm oil from 23 May with certain conditions. Along with this, it has also reduced the export tax. Because of this, exports from Indonesia will increase in the coming days, which will affect the prices globally. Talking about palm oil products, crude palm oil (CPO) imports declined to 4.09 lakh tonnes in May. It was 7.55 lakh tonnes in the same month a year ago.

RBD palmolein imports jumped to one lakh tonnes as against 2,075 tonnes in the same month a year ago. Crude palm kernel oil (CPKO) imports declined to 4,265 tonnes from 11,894 tonnes. At the same time, the import of soybean oil increased to 3.73 lakh tonnes, which was 2.67 lakh tonnes in May 2021.

Import of palm oil highest in the country

Palm oil has the largest share of the oil that India imports from outside. This figure is about 60 percent. The share of soybean oil is 25 percent and that of sunflower oil is 12 percent. It is also called ‘invisible’ oil, which is not visible in the kitchen but its use is widespread. Palm oil is widely used in making FMCG products like bread, noodles, sweets and snacks to cosmetics, soaps, detergents.

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