As compared to November 2019, the import of vegetable oils in India decreased by 2% in November this year.

 

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India imported 11,02,899 tonnes of vegetable oils during November 2020 as against 11,27,220 tonnes in November 2019, registering a decline of 2.15% according to a statement made by the Executive Director of Solvent Extractors’ Association (SEA) of India. The import duty on CPO (crude palm oil) was reduced to 27.5% from 37.5% on November 27, but the duty on soft oils remains unchanged. “This reduction of duty on CPO may encourage larger import of palm oil at the cost of soft oil import in the upcoming months.”

Amongst the vegetable oil imported during the period, the share of palm oil decreased and that of soft oils went up during November. India imported 6,18,468 tonnes (57%) of palm oil (including CPO, RBD palmolein, crude olein, and crude palm kernel oil) during November 2020 as against 6,72,363 tonnes (61%) in November 2019. The import share of soft oils such as soy oil, sunflower oil increased to 4,64,861 tonnes (43%) in November as against 4,28,061 tonnes (39%) in November 2019.

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