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India’s edible oil import falls 40% in May
- This has been the lowest since 2011
- Report given by the trade body SEA said on June 4 that India’s imports of edible oil fell by 40 per cent to 7.07 lakh tonnes in May, lowest in the month since 2011.
- This was due to sluggish demand from bulk users like hotels and restaurants which remained shut due to the COVID-19 lockdown.
- India, world’s leading vegetable oil buyer, had imported 11.80 lakh tonnes of edible oil in May 2019.
- Edible oil imports have been declining since the imposition of lockdown from March 25 to prevent the spread of the coronavirus pandemic.
- The nationwide lockdown continues to be in place till June-end, with relaxations in non-containment areas.
- Palm oil imports, which comprise more than 60 per cent of the total edible oil shipments, declined by 52.69 per cent to 3.87 lakh tonnes in May this year from 8.18 lakh tonnes in the year-ago month.
- Among palm oils, import of RBD palmolein fell sharply to 16,250 tonnes in May this year from 3.71 lakh tonnes a year ago.
- Import of RBD palmolein has been declining since the product was brought under restricted trade category from January 8 this year
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