India's Palm Oil Imports Drop 16 Per Cent In June

NEW DELHI, July 16 (Bernama) -- India's palm oil imports dropped 16 per cent in June from the previous month, while overall edible oil imports declined by about 9 per cent. The world's biggest importer of vegetable oil bought 686,886 tonnes of palm oil last month compared with 818,149 tonnes in May. According to the monthly data released by the industry group, Solvent Extractors’ Association of India (SEA) on Monday, palm oil's share in India’s edible oil imports stood at 64 per cent in June, while refined products accounted for 24 per cent of the palm oil segment. India's palm oil imports remained strong compared with other edible oils due to its competitive price advantage. Palm oil prices in international markets have gone down by between 14 and 21 per cent over the past 12 months, while the decline for soft oils was between three and five per cent, thus making palm oil more attractive, SEA said. The country’s total edible oil imports stood at about one million tonnes in June compared with 1.1 million tonnes in May. -- BERNAMA