Palm oil imports up 10.06% in 2016-17: SEA

Posted by Daily Shipping Times on 17-11-2017        Tweet

NEW DELHI : Palm oil imports rose by 10.06 per cent to 92.93 lakh tonnes in 2016-17 marketing year that ended in October due to lower domestic production, industry body Solvent Extractors Association (SEA) said. India, the world's leading vegetable oil buyer, had imported 84.43 lakh tonnes of palm oils during the last marketing year (November-October).

The Country's total vegetable oils (edible and non- edible) import increased by 4.75 per cent to 154.40 lakh tonnes in 2016-17 from 147.38 lakh tonnes the last year. The share of palm oil is more than 60 per cent of the total vegetable oil import.

According to the SEA, the Country's imports came down in the first quarter of 2016-17 marketing year because of good domestic oilseeds crop and better supply of edible oil. Imports, however, rose in the rest of the quarters due to disparity in crushing that led to lower domestic production of vegetable oil, it said. Among palm oil products, import of RBD palmolein increased to 28.71 lakh tonnes in the 2016-17 marketing year from 26.23 lakh tonnes in the year-ago.