AIRLINK 212.82 Increased By ▲ 3.27 (1.56%)
BOP 10.25 Decreased By ▼ -0.21 (-2.01%)
CNERGY 7.00 Decreased By ▼ -0.35 (-4.76%)
FCCL 33.47 Decreased By ▼ -0.92 (-2.68%)
FFL 17.64 Decreased By ▼ -0.41 (-2.27%)
FLYNG 21.82 Decreased By ▼ -1.10 (-4.8%)
HUBC 129.11 Decreased By ▼ -3.38 (-2.55%)
HUMNL 13.86 Decreased By ▼ -0.28 (-1.98%)
KEL 4.86 Decreased By ▼ -0.17 (-3.38%)
KOSM 6.93 Decreased By ▼ -0.14 (-1.98%)
MLCF 43.63 Decreased By ▼ -1.57 (-3.47%)
OGDC 212.95 Decreased By ▼ -5.43 (-2.49%)
PACE 7.22 Decreased By ▼ -0.36 (-4.75%)
PAEL 41.17 Decreased By ▼ -0.53 (-1.27%)
PIAHCLA 16.83 Decreased By ▼ -0.47 (-2.72%)
PIBTL 8.63 Increased By ▲ 0.08 (0.94%)
POWERPS 12.50 No Change ▼ 0.00 (0%)
PPL 183.03 Decreased By ▼ -6.00 (-3.17%)
PRL 39.63 Decreased By ▼ -2.70 (-6.38%)
PTC 24.73 Decreased By ▼ -0.44 (-1.75%)
SEARL 98.01 Decreased By ▼ -5.95 (-5.72%)
SILK 1.01 Decreased By ▼ -0.02 (-1.94%)
SSGC 41.73 Increased By ▲ 2.49 (6.35%)
SYM 18.86 Decreased By ▼ -0.30 (-1.57%)
TELE 9.00 Decreased By ▼ -0.24 (-2.6%)
TPLP 12.40 Decreased By ▼ -0.70 (-5.34%)
TRG 65.68 Decreased By ▼ -3.50 (-5.06%)
WAVESAPP 10.98 Increased By ▲ 0.26 (2.43%)
WTL 1.79 Increased By ▲ 0.08 (4.68%)
YOUW 4.03 Decreased By ▼ -0.11 (-2.66%)
BR100 11,866 Decreased By -213.1 (-1.76%)
BR30 35,697 Decreased By -905.3 (-2.47%)
KSE100 114,148 Decreased By -1904.2 (-1.64%)
KSE30 35,952 Decreased By -625.5 (-1.71%)

India's palm oil imports dropped nearly 11 percent in November from a year ago to the lowest level in eight months, a trade body said on Thursday, as refiners curtailed purchases due to a hike in import tax. The world's biggest importer of edible oils bought 716,968 tonnes of palm oil last month, down from 801,311 tonnes a year ago, the Solvent Extractors' Association, a Mumbai-based trade group for oilseed processors, said in a statement.
The Indian government does not provide data on specific edible oil imports. "Anticipating an import duty hike, refiners cut purchases. The winter season also had an impact," said Sandeep Bajoria, chief executive of vegetable oil importer Sunvin group.
India in November doubled the import tax on crude palm oil to 30 percent, while the duty on refined palm oil was raised to 40 percent from 25 percent. "Palm oil imports will remain low even in December," Bajoria said. Despite lower imports of palm oil, the South Asian country's overall purchases of vegetable oils in November rose 6.2 percent from a year earlier to 1.248 million tonnes on increased imports of soyaoil and sunflower oil, the trade body said.
Soyaoil imports jumped 67 percent from a year ago to 273,928 tonnes, while sunflower oil imports rose 23 percent to 193,810 tonnes, it said. India's sunflower and soyaoil imports could fall this month to around 190,000 tonnes and 170,000 tonnes, respectively, said a Mumbai-based dealer with a global trading firm.
"Local edible oil supplies have been rising from new season soyabean crop," the dealer said. India primarily imports palm oil from Indonesia and Malaysia and soyaoil from Argentina and Brazil. It also buys small volumes of sunflower oil from Ukraine and canola oil from Canada.

Comments

Comments are closed.