Extractor Association News Today

Palm oil imports increased due to lower duty, says SEA : Rashtra News Due to relaxation in policy for import of RBD Palmolein, import of refined palm oil in to India increased substantially in August 2021 and reported at 187,471 tons and likely to continue similar volume in coming months, informed Solvent Extractors' Association (SEA)

Increase in international prices of palm oil and the upcoming harvest of mustard crop are some of the other reasons that led to cut in the country’s cooking oil imports. According to SEA, import of cooking oil in January 2024--reported at little more than 12 lakh tonnes--is down by 28% compared with January 2023.

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According to Geojit, The area under rabi crops in Telangana stood at 4.22 mln acres as of Wednesday, 8% lower than 4.60 mln acres a year ago, according to data from the state government.

"The Indian edible oil Industry, with a size of Rs 3 lakh crore (USD 35 billion), holds significant importance. Over the last 12 years, Indonesia and Malaysia have imposed higher export taxes on Crude Palm Oil (CPO) compared to refined Oil to protect their refining industry. This has made refined oil cheaper, rendering Indian capacity redundant and unutilized," Solvent Extractors Association of India (SEA) President Ajay Jhunjhunwala said.

Soyabean meal export rose to 87,060 tonnes last month from 40,196 tonnes in the year-ago period, while shipment of rapeseed meal increased to 1,69,422 tonnes from 98,571 tonnes during the period under review. "Foreign demand for Indian soyabean meal has benefited from improved price competitiveness and the shortage of Argentine export supplies in recent months," SEA said.

According to Geojit, The National Commodity and Derivatives Exchange is set to launch sunflower oil futures contracts on Sunday.

India imports palm oil mainly from Indonesia and Malaysia, and a small quantity of crude soft oil, including soybean from Argentina.

Indias vegetable oil imports rose by 33% in August compared to the previous year. Lower duties and a revival in demand after a drop in domestic rates were cited as reasons for the increase. India imported a total of 18.66 lakh tonne of vegetable oil in August 2022.

Inclement weather has increased inflation of not only the daily kitchen essentials, but also of gourmet superfoods consumed by the rich and the health conscious. Drought in Europe, and back home in Bihar, has increased the prices of olive oil and makhana (fox nut) by more than 80% in a year, with further rise expected in the coming days.