India’s vegetable oil imports saw a significant decline of 28% in November compared to the previous year, according to data from the Solvent Extractors’ Association of India (SEA). The drop was largely driven by a sharp plunge in refined, bleached, and deodorized (RBD) palmolein shipments, which fell to just 3,500 tonnes. Overall edible oil stocks as of December 1 fell to 1.62 million tonnes (mt) from 1.73 mt the previous month.
While imports of sunflower and soybean oils also decreased, crude palm oil (CPO) and canola oil imports recorded an increase. Specifically, CPO imports rose to 6.26 lakh tonnes from 5.47 lakh tonnes a year earlier. Malaysia was the leading supplier of CPO in November, followed by Indonesia.
The share of the palm group of oils in total vegetable oil shipments increased to 55% despite lower overall volume. Crude edible oil imports have generally remained supported since the effective duty was lowered to 16.5% in June, while refined oil duty remains significantly higher at 37.75%.