PALMOILMAGAZINE, MUMBAI – Palm oil imports in India witnessed a notable decline of 14.59% in May 2023, amounting to 439 thousand tons, while there was an increase in sunflower imports during the same period. Specifically, India imported 5.14 thousand tons of palm oil in May 2023.
Notably, palm oil accounted for 59% of the total vegetable oil imports in India’s market. This demonstrates the substantial influence of palm oil on the country’s overall vegetable oil trade.
BV Mehta, the Executive Director of the Solvent Extractors’ Association (SEA) India, highlighted that palm oil imports experienced a significant surge, reaching 5.348 million tons from November 2022 to May 2023. This marked a considerable increase compared to the same period in 2022 when imports stood at 3.739 million tons. The rise in imports can be attributed to the comparatively more favorable pricing of palm oil during this period.
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Data from SEA mentioned, CPO imports decreased to be 348 thousand tons in May 2023 compared to the same period last year that reached 409 thousand tons. “RBD palmolein imports decreased to be 85.205 tons from 100 thousand tons. Crude palm kernel oil (CPKO) increased to be 5.850 tons from 4.265 tons in May,” BV Mehta noted as Palmoilmagazine.com quoted from The Hindu BusinessLine.
Still from SEA, other vegetable oil imports in India, such as, soyoil, decreased to be 318 thousand tons in May 2023 compared to the same period in 2022 that reached 373 thousand tons.
Sunflower oil significantly increased to be 295 thousand tons compared to 118 thousand tons in Mei 2022.
SEA predicted, vegetable oil stock in India per 1 June 2023 could be 738 thousand tons and or 2,203 million tons are in process.
India imported palm oil namely from Malaysia and some small scale soyoil importers, such as Argentina. Sunflower oil is imported from Ukraine and Russia. (T2)
