In August last year, India imported 10.16 lakh tonnes of palm oil. This shows an increase of over 35 per cent in India’s edible oil imports. India imported 12.5 lakh tonnes of palm oil in July this year.
If India has increased the import of palm oil due to the reduced price of edible oil in the global market, then it has seen an immediate effect on the price of Malaysia’s palm oil. India has imported 16.38 lakh tonnes of sunflower oil from November last year to August this year. In the same period last year, India imported 15.6 tonnes of sunflower oil.
The festive season wedding season is starting in India from next month. During this period the demand for edible oil in the country increases. It is expected that in the month of September also the import of edible oils can cross one million tonnes.
India is one of the largest palm oil importer countries in the world. While giving relief on the import of palm oil, the government has imposed a tax of only 5.5 percent on it. To overcome the crisis of edible oils in the country, the government has made the import of soya oil and sunflower oil duty free till next year.