6% yoy dip in India’s veg oil imports in Jan’20: SEA

Solvent Extractors’ Association of India (SEA) has said in an official statement that due to restriction on inward shipments of refined palm oil, vegetable oil imports fell 6% to 11.96 lakh tonnes in January’20. Last year, during the same period, India imported 12,75,259 tonnes of vegetable oil. At the same time, according to reports, shipments of non-edible imports declined to 38,689 tonnes from 64,656 units during the period under review.

The official statement stated, “Director General of Foreign Trade (DGFT), Ministry of Commerce & Industry, issued notification dated 8th January, 2019, placing import of RBD Palmolein and Palm Oil under ‘restricted list’ to regulate excessive import in to India. The import will now be subject to license to be issued by DGFT.”

Import of refined oil (mainly RBD palmolein) decreased from 4,06,799 tonnes during first quarter of existing oil year to 2,66,859 tonnes. (An oil year runs from November to October)