India’s palm oil imports rose marginally to five,90,921 tonnes in June this yr, however the cargo of RBD palmolein oil confirmed a pointy improve, trade physique Solvent Extractors Association (SEA) mentioned on Wednesday.
India, the world’s main vegetable oil purchaser, imported 5,87,467 tonnes of palm oils in June 2021.
The affiliation additionally demanded the federal government to extend the quota fastened for duty-free import of crude soyabean oil and sunflower below the Tariff Rate Quota (TRQ) system to spice up home availability.
Total import of vegetable oils (each edible and non-edible oils) remained decrease at 9.91 lakh tonnes in June this yr from 9.96 lakh tonnes within the year-ago interval.
The share of palm oil is about 50 per cent of the nation’s complete vegetable oil imports.
On May 24, the federal government had allowed import of 20 lakh tonnes of crude soyabean oil and sunflower oil every at zero responsibility for 2022-23 and 2023-24 below the TRQ system.
TRQ is a quota for a hard and fast quantity of imports at specified or nil responsibility, however after the quota is reached, the traditional tariff applies to extra imports.
According to the SEA, “The TRQ licences are issued based on refining capacity contrary to last three years performance as notified in the first notification of 10th June, 2022, leaving many actually processing companies receiving very less quota.” The affiliation mentioned it has requested the federal government to relook at this difficulty and recommended to allocate quota as per the typical of previous efficiency of final three years with some weightage to capability, by giving them extra quota by growing total quota restrict of 20 lakh tonnes every of soybean and sunflower oil.
Among palm oil merchandise, import of Crude Palm Oil (CPO) declined by 12 per cent to five.07 lakh tonnes in June this yr, from 5.76 lakh tonnes within the year-ago interval, as per the SEA knowledge.
However, the import of RBD (Refined, Bleached and Deodorised) palmolein rose sharply by 24 per cent to 79,264 tonnes from 3,200 tonnes, whereas that of Crude Palm Kernel Oil (CPKO) declined by 48.42 per cent to three,805 tonnes from 73,77 tonnes within the mentioned interval.
“Import of RBD palmolein… jumped mainly due to high export levy on CPO and lower duty on RBD palmolein favoured Indonesian exporters to discount RBD palmolein to push RBD palmolein export,” it mentioned.
Among comfortable oils, the import of soyabean oil elevated by 12 per cent to 2.30 lakh tonnes in June this yr, as in opposition to 2.06 lakh tonnes in the identical interval of the earlier yr.
Whereas import of sunflower oil fell 32 per cent to 1.19 lakh tonnes, as in opposition to 1.75 lakh tonnes, within the mentioned interval.
According to the SEA, edible oils inventory, as on July 1 this yr, was estimated to have been at 6 lakh tonnes and about 16.56 lakh tonnes was within the pipeline.
During November-June interval of the 2021-22 oil yr, the nation’s total import of vegetable oils rose marginally at 87.60 lakh tonnes when put next with 86.74 lakh tonnes within the year-ago interval.
India imports palm oil primarily from Indonesia and Malaysia, and a small amount of crude comfortable oil together with soyabean oil from Argentina. Sunflower oil is imported from Ukraine and Russia.
Source: www.financialexpress.com”