India has cut palm oil imports by 33.20% in May, taking the figure to 5,14,022 tons in May. However, during this period the import of RBD palm olein oil has been expanded. As per the industry body, Solvent Extractors Association (SEA), India is the world's biggest merchant(importer) of vegetable oil. India imported 7,69,602 tons of palm oil in May 2021. India's total vegetable oil imports declined to 10,05,547 tons in May this year from 12,13,142 tons a year prior. It Makes sense that India supplies around 50% of the absolute vegetable oil imports from palm oil. As per the SEA report, Indonesia removed the restriction on exports of palm oil products with specific circumstances on 23 May. Additionally, the tax on palm oil has decreased. In such a circumstance, it is normal that it...
Read More