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With duty hike on oils, big reduction in imports; palm reaches lowest level
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Wednesday, 16 October, 2024, 08 : 00 AM [IST]
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Ashwani Maindola, New Delhi
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Following the increase in import duty on edible oils by the Government of India, there has been a big reduction in imports of the commodity in September, according to experts.
The total import of vegetable oil has fallen by more than 30% and has come down to 1.1 million tonne. And, the overall stock of vegetable oil in the country has come down to 2.45 million tonne from 2.93 million tonne a month ago.
"In September, India's palm oil import has decreased by almost one-third compared to a month ago. Because its price has increased more than other edible oils," said Shankar Thakkar, president, All India Edible Oil Traders Federation.
He added that palm oil imports have reached the lowest level in the last six months. At the same time, sunflower oil imports have also decreased. It has come to a 10-month low.
India buys most of the palm oil from Indonesia, Malaysia and Thailand, while it buys soyabean oil and sunflower oil from Argentina, Brazil, Russia and Ukraine.
Palm oil imports have fallen by more than 30% to 527,314 metric tonne. Due to which the supply of palm oil in India may be disrupted.
Soya oil imports also fell by 15.4% to 384,382 tonne. At the same time, sunflower oil imports fell by 46.2% to 152,803 tonne, which is the lowest in the last 10 months.
Thakkar added that there was little chance of prices going down due to festivals for the next one week, but after Diwali, locally produced oilseeds would start coming to the markets on a large scale, and prices might come down due to weak demand.
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