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 recorded and released by Solvent Extractors Association (SEA). India had imported 8.24 lakh tonnes of palm oil during the corresponding period of last year.
According to, Solvent Extractors Association said, Imports were low compared to June 2021 because of higher stocks in the domestic market.
Palm oil's share in the country's overall vegetable oil imports is 60 per cent.
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.
The government on June 30, decided to allow unrestricted import of RBD palmoloein and palm oils till December this year, which the SEA said would be detrimental to the interest of domestic refiners and oilseeds.
The same will also open flood gates for import of refined oils at zero duty from Nepal and Bangladesh under South Asian Free Trade Area (SAFTA) agreement, it added.
As on August 1, there was a total edible oil stock of 16.95 lakh tonne, out of which 11.10 lakh tonne is estimated to be in the pipeline.
India imports palm oil mainly from Indonesia and Malaysia, and a small quantity of crude soft oil, including soyabean oil from Argentina. Sunflower oil is imported from Ukraine and Russia.