Indian palm oil imports dropped 43 per cent on year-on-year basis to 4.65 lakh tonnes in July 2021, according to the data released by Solvent Extractors Association (SEA). India had imported 8.24 lakh tonnes of palm oil during the corresponding period of last year.
Overall, the country’s vegetable oil imports fell by 37 per cent to 9.17 lakh tonnes in July 2021, compared to 15.17 lakh tonnes of the corresponding period last year.
Palm oil’s share in the country’s overall vegetable oil imports is 60 per cent.
Imports were low compared to June 2021 because of higher stocks in the domestic market, SEA data said.
Within palm oil products, crude palm oil (CPO) imports fell to 4.51 lakh tonnes in July 2021 from 8.20 lakh tonnes of the year-ago period.