InfoSAWIT, MUMBAI – Palm oil and sunflower imports in India in 2022/23 increased 24% and 54% for each that reached the highest level because of the increasing consumption. The two oils were offered in economic price.
As the fact, the increasing imports would reduce palm oil stocks in Indonesia and Malaysia. It is also hoped to encourage the price in the exchanges. The imports would also decrease sunflower oil stocks in the producer countries around Black Sea.
Solvent Extractors’ Association of India (SEA) in Mumbai, India mentioned that palm oil imports reached 9,79 million metric tons in 2022/23 which ended on 31 October while sunflower oil imports escalated to be 3 million tons.
Soyoil imports this year decreased 12% to be 3,68 million tons for being more expensive than palm oil and sunflower oil.
Vegetable oil imports this year in the country increased up to 16,47 million tons, increased 17,4% to last year. This happened for the government cut off vegetable oil import tax to be 5,5% and encouraged traders to purchase from other countries, SEA reported.
The Government of India cut off import tax when vegetable oil got more expensive in the globe but the government did not increase the tax after vegetable oil got cheaper, a dealer from a trader institution in New Delhi said, as quoted from Reuters.
“Price correction in the markets globally, the cheap income tax made vegetable oil cheaper and increase the consumption,” he said.
The higher vegetable oil imports also escalated vegetable oil stocks in the country to be 3,3 million tons per 1 November from 2,46 million tons last year, SEA mentioned.
India purchased palm oil namerly from India, Malaysia, and Thailand. The country imported soyoil and sunflower oil from Argentina, Brazil, Russia, and Ukraine. (T2)