India Records Lowest Vegetable Oil Import In May Month In A Decade

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India’s edible oil imports in May dropped 40 percent compared with the same month last year, recording the lowest volume in the month of May in a decade.

The world’s largest vegetable oil buyer imported 707,478 tonnes last month compared with 1.18 million tonnes in May 2019, according to the Mumbai-based trade group Solvent Extractors’ Association (SEA) of India.

“This is a lowest import in May month since 2011,” it said.

Indian demand for vegetable oil consumption has plummeted due to the food service sector’s paralysis during the national lockdown to contain the coronavirus pandemic.

India’s imports included 370,756 tonnes of crude palm oil (CPO) and crude palm kernel oil (CPKO) in May while the volume of refined palm oil was 16,250 tonnes.

The quantity of soybean oil was 187,034 tonnes and sunflower oil import during the month amounted to 133,438 tonnes.

The overall import of edible oils between November 2019 and May 2020 was about 6.9 million tonnes.

Source THEEDGEMARKETS

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