Palm Oil Import

Palm oil accounted for 56 per cent of India's total edible oil imports in the last marketing year, but in the first three months of the current year its share fell to 43 per cent

Demand for edible oils was robust during the festival season, prompting refiners to replenish their inventories, said Rajesh Patel, managing partner at GGN Research, an edible oil trader and broker

The drop in imports of palm and sunflower oils brought down the country's total edible oil imports by 17 per cent to 1.53 million tons

India's palm oil imports rose more than 37 per cent in July from previous month to about 1.1 million metric tonnes, highest since Aug 2023 and in line with traders' estimates, SEA of India said

Lower purchases of palm oil by India could keep inventories elevated in top producers Indonesia and Malaysia and weigh on benchmark futures

India's palm oil imports jumped 29.21 per cent to 90.80 lakh tonnes in the first eleven months of the ongoing 202223 oil year, compared to the year-ago period, with RBD Palmolien shipments rising fast, posing a serious threat to the domestic refiners, industry body SEA said on Friday. India, the world's leading vegetable oil buyer, imported 70.28 lakh tonnes of palm oil products during the same period in the the previous oil year. Meanwhile, the country's total vegetable oil imports rose 20 per cent to 156.73 lakh tonnes during the NovemberSeptember period of the 202223 oil year, from 130.13 lakh tonnes in the year-ago period. In September, however, the country's vegetable oil imports witnessed a 5 per cent decline, dropping to 15.52 lakh tonnes from 16.32 lakh tonnes in the same period the previous year. "During November 2022 and September 2023, the import of palm products increased sharply due to price parity. The share of palm oil increased to 59 per cent," the Mumbai-based Solv

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market

India is committed to importing 2.6 million tonnes of palm oil products worth $3.16 billion, Indonesia's trade minister said in a statement on Tuesday

The move adds to the impact of Russia's invasion of Ukraine, which plunged the global edible oil market into disarray.

Palm oil is used in products like cooking oil, processed foods, cosmetics and biofuels.

In March, 539,793 tonnes of palm oil landed in India, up from 454,794 tonnes in February, the Solvent Extractors' Association of India (SEA) said in a statement

In March, 550,000 tonnes of palm oil landed in India, up from 454,794 tonnes in February, said a Mumbai-based dealer with a global trading firm

Ukraine and Russia accounted for nearly 13% of India's edible oil imports last year, supplying 1.6 million tonnes.

Widely used in edible oil blending, cosmetics, processed food products, palm oil's prices on Bursa Malaysia Derivatives is considered to be the global benchmark among trade circles

State energy company PT Pertamina last month started trials on the so-called "green diesel" after conducting tests with jet fuel late last year

The impact of the shuttered food courts and street vendors is compounded by reduced demand at retail stores

According to data from the Solvent Extractors' Association of India (SEA), the stock of edible oils as on January 1, 2020, at various ports fell to an estimated 860,000 tonnes

Last week government had put plam oil imports from Malaysia under restricted category following criticism by the country's Prime Minister Mahathir Mohamad

This comes after Malaysia's Prime Minister criticised India's actions in Kashmir and its new citizenship law

Malaysian palm oil is available at a $5 discount amid congestion at Indonesian ports