India’s 2021/22 palm oil imports fall 4.8% y/y, soyoil rise: Report

India’s palm oil imports in 2021/22 fell 4.8% from a year ago as the overseas buying of soyoil jumped 45.3% to a record high after Indonesia restricted shipments of the tropical oil, a leading trade body said on Monday.

The country’s palm oil imports in the marketing year ended on October 31, 2022, fell to 7.9 million tonnes from 8.3 million tonnes a year ago, Mumbai-based Solvent Extractors’ Association of India (SEA) said in a statement.

Last month, Reuters reported that India raised the base import prices of crude and refined palm oil and crude soya oil sharply.

That being said, the government revised base import prices of edible oils, gold, and silver every fortnight. Notably, the prices are used to calculate the amount of tax an importer needs to pay.

Later, on November 1, the Centre announced to exempt the wholesalers and big chain retailers of oilseeds and edible oils from the current stock limit order.

India is the biggest importer of edible oils such as palm oil, soyoil, and sunflower oil in the world.

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