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Palm oil imports increased due to lower duty, says SEA

Due to leisure in coverage for import of RBD Palmolein, import of refined palm oil in to India increased considerably in August 2021 and reported at 187,471 tons and sure to proceed related quantity in coming months, knowledgeable Solvent Extractors’ Association (SEA) in a launch.

“Import of vegetable oils during August 2021 is reported at 1,053,810 tons compared to 1,370,457 tons in August, 2020, consisting 1,016,370 tons of edible oils and 37,440 tons of non-edible oils, down by 23%. The overall import of vegetable oils during November 2020 to August 2021 ( 10 months) is reported at 10,708,446 tons compared to 11,195,890 tons, down by 4% compared to last year,” the discharge mentioned.

The Department of Revenue, Ministry of Finance, Government of India, has issued a notification No.42/2021-Customs dated tenth September, 2021, concerning the discount in import obligation on CPO, RBD Palmolein, RBD Palm Oil and Crude and Refined soybean and sunflower oil by 5.5% efficient from eleventh September, 2021.

“The stock of edible oils as on 1st Sept, 2021 at various ports has estimated at 600,000 tons (CPO 195,000 tons, RBD Palmolein 75,000 tons, Degummed Soybean Oil 215,000 tons, Crude Sunflower Oil 110,000 tons and Rapeseed Oil 5,000 tons) and pipeline stock at 1,150,000 tons, total stock at 1,750,000 tons. The stock has slightly increased by 55,000 tons to 17.50 lakh tons as on 1st Sept., 2021 from 16.95 lakh tons as on 1st August, 2021. However, stock is lower compared to 1st July, 2021,” mentioned SEA.

“Palm Oil import has increased to 6,365,163 tons compared to 5,796,953 tons during November 2019 to August 2020 due to lower duty advantage compared to soft oils. Soft Oils import decreased to 4,021,354 tons compared to 5,109,306 tons due to high prices of soybean and sunflower oil. Also, import of 12,000 tons of rapeseed oil reported during August ’21 and expected increased shipment during next 3 to 4 months to fill the shortage of mustard oil,” mentioned SEA.

Indonesia and Malaysia are the key suppliers of Crude Palm Oil to India. “During Nov’20.-Aug. ’21, Malaysia was major supplier of CPO (3,015,246 tons) followed by Indonesia (2,723,267 tons). In case of Crude Soybean Degummed Oil, India mainly imported from Argentina (2,035,603 tons) followed by Brazil (313,089 tons) while Crude Sunflower Oil mainly imported from Ukraine (1,249,078 tons) followed by Russia (162,145 tons) and Argentina (149,449 tons),” mentioned SEA.

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