Palm Oil Imports

Subject – Economy

Context – Palm oil imports surge to record in September

Concept –

India palm oil imports in September were the most ever since it began buying in the commodity from Malaysia and Indonesia in 1996, while the country’s purchase of edible oils itself hit a new high during the month as a result.
Import of RBD palmolien sharply increased during August and September as the Centre relaxed its policy for import of RBD palmolein with effect from July 1.
Import of RBD palmolein and RBD palm oil moved from the “restricted” to “free” list from July 1.
The status will continue till the end of the fiscal.
Indonesia and Malaysia are the major suppliers of RBD palmolein and CPO to India.
Import of edible oils touched a new peak after six years with the import of 16.98 lt in September. It is a new record in the shipment of edible oil in a single month.
Earlier, India had imported 16.51 lt in October 2015.
The overall share of palm oil in the total edible oil imports increased to 63 per cent during November-September 2020-21 against 54 per cent in the previous oil year.
In the 11 months of the current oil year, India imported more crude soyabean degummed oil from Argentina (22.38 lt) followed by Brazil (3.40 lt).
The country imported the largest volume of crude sunflower oil from Ukraine (13.19 lt) followed by Russia (2.22 lt) and Argentina (1.99 lt) during the period.

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