Palm Oil: Import of refined palm oil increased by 2.7 times in 11 months, exporters got an exemption from customs duty cut

The country's refined palm oil imports have increased by 2.7 times to 17.12 lakh tonnes in 11 months. Imports in the same period a year ago were 6.28 lakh tonnes. This has happened because of the low prices of palm oil in Indonesia. The Solvent Extractors Association (SEA) said that during the period November to September 2021-22, India imported 1.30.1 million tonnes of vegetable oil. This is an increase of four percent compared to a year ago.

custom duty cut

SEA said Indonesia has cut customs duty on refined palm oil imports. Due to this, oil exporters exported palm oil at a discount. Due to this, the country's crude palm oil imports have come down to 52.37 lakh tonnes between November last year and September this year. In the previous year, it was 68.64 lakh tonnes. However, total palm oil imports declined to 70.28 lakh tonnes from 76.27 lakh tonnes a year ago.

Increase in imports of other oils

There has been an increase in imports of oils like soybean and sunflower. Soybean oil imports rose to 56.35 lakh tonnes from 44.58 lakh tonnes a year ago. Between November and September, Malaysia exported 28.13 lakh tonnes of crude palm oil while 11.61 lakh tonnes of refined palmolein oil was exported. Indonesia exported 17.15 lakh tonnes of crude palm oil and 11.61 lakh tonnes of refined oil.

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