Indian refiners dropped overseas soyoil purchases after supplies from the local crop had risen. As a result the import of vegetable oil in India fell by 10 percent from a year ago to 1.1 million tonnes a trade body.
The Solvent Extractors’ Association, a Mumbai-based trade group for oilseed processors reported that India’s import of soyoil stood at 79,250 tonnes for the month, well down on the 232,132 tonnes bought last year..
India is the world’s biggest edible oil buyer but in November it 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.
The country’s palm oil imports in December were 722,857 tonnes, slightly down from 723,158 tonnes a year ago, the SEA data showed. India’s palm oil and soyoil imports in January could rise to 775,000 tonnes and 190,000 tonnes respectively.
India largely imports palm oil from Indonesia and Malaysia and soyoil from Argentina and Brazil. It also purchases small volumes of sunflower oil from Ukraine and canola oil from Canada.