India Import Data of Palm Oil – India Palm Oil Imports Drop 8% in Nov

06 January 2021

Palm oil imports into India declined by 8% in November 2020, the lowest in five months. The edible vegetable oil is used in products like pastry dough and baked goods where solid fat is desirable. Based on Export Genius India trade statistics, the country imported about 618,468 tonnes of palm oil in November 2020, down from 672,363 tonnes in the same month last year. What are the factors behind fall in palm oil imports in India? See a wider picture of India’s palm oil imports from data and insights.

Factors behind fall in palm oil imports

According to the Solvent Extractors’ Associations of India (SEA), a rally in the price of the tropical oil made soy-oil more attractive for refiners.

Palm oil’s discount over soyoil narrowed last month, so it made soyoil imports more profitable for refiners.

India in late November slashed import tax on crude palm oil (CPO) to 27.5% from 37.5%, but maintained its duty structure for soft oils such as crude sunflower oil and crude soybean oil at 35%.

India Palm Oil Imports (Jan-Dec 2019)

According to India import data of palm oil, the value of palm oil shipments entered into India recorded USD 425 million in January and USD 515 million in December 2019. India saw a fluctuation in value of palm oil imports in months of 2019. Below given chart shows dollar amount of India’s palm oil imports Jan-Dec 2019.

India’s Top 5 Import Partners of Palm Oil 2019

Based on India import statistics of palm oil, India’s top 5 import partners of palm oil in 2019 were Indonesia (USD 2,629 million), Malaysia (USD 2,222 million), Singapore (USD 242 million), Nepal (USD 196 million) and Thailand (USD 88 million). These countries accounted for 99.4% to overall value of palm oil shipments. Below given chart shows percentage share of India’s top 5 import sources of palm oil.

India’s soyoil imports jumped 52% to 250,784 tonnes, while sunflower oil imports dropped 19% to 214,077 tonnes. These are also major factors contributed to fall in palm oil imports. The country import palm oil from Indonesia and Malaysia and other oils such as soyoil and sunflower oil from Argentina, Brazil, Ukraine and Russia. Are you looking for India import data of palm oil with palm oil importers in India? Reach us today for samples and get quality data with complete shipping details.