India‘s palm oil imports sank to a 27-month low in May as buyers cancelled expensive cargoes of the edible oil and replaced them with cheaper soyoil and sunflower oil, six dealers told Reuters on Tuesday. Palm oil imports by India fell to 441,000 tonnes last month, down 14% from 510,094 tonnes in April, according to … Read more
India’s exports to the European Union (EU) are unlikely to get impacted by a legislation that the 27-member bloc adopted on Tuesday on deforestation-free products, officials said. However, New Delhi will work on mutual recognition of certification with the EU as India’s afforestation performance is better than many countries and its forest cover has risen … Read more
Rice and palm oil are becoming more expensive in India. In the last one month, the price of rice has increased by up to 15 per cent, while that of palm oil is seen rising by Rs 5-7 a litre in the coming weeks. The basmati variety of rice is selling at a record high … Read more
The Centre today issued a notification exempting wholesalers and big chain retailers oilseeds and edible oils from the current stock limit order. The stock limit order was imposed last October due to increasing prices of edible oils both in international as well as domestic market. It was then extended upto 30th June, 2022 and further … Read more
India’s palm oil exports in May were its highest in seven months and up 15% on April as the country overcame curbs on Indonesian exports by sourcing more of the commodity from Malaysia, Thailand and Papua New Guinea, five industry officials said. Higher purchases by India, the world’s biggest importer of vegetable oil, could support … Read more
Indonesia is due to resume exports of palm oil on Monday after a ban of more than three weeks, but industry traders and companies were awaiting details on accompanying rules to secure domestic supplies of the edible oil to control cooking oil prices. The Southeast Asian country, the world’s biggest palm oil producer, halted exports … Read more
India’s palm oil imports in May are set to rise above 600,000 tonnes despite the restriction imposed by Indonesia on exports as most of the contracted quantity will be loaded before Jakarta’s ban becomes effective, traders told Reuters. The world’s biggest palm oil exporter plans from Thursday to stop shipments of refined, bleached and deodorized … Read more
Indonesia will effectively ban palm oil exports from April 28, until further notice, after President Joko Widodo on Friday announced a halt of shipments of cooking oil and its raw material to control soaring domestic prices. The measure could further inflame global food inflation that soared to a record high following Russia’s invasion of Ukraine, … Read more
India’s bill for imports of vegetable oil jumped 63% in 2020/21 from a year ago to a record 1.17 trillion rupees ($15.71 billion) as overseas prices of edible oils surged, a leading trade body said on Tuesday. The South Asian nation is the world’s biggest importer of edible oils, and higher purchases of palm oil, … Read more
India is likely to lower the effective import duty on edible oils to provide some respite to households from rising prices. The government is considering reducing the effective import duty, which includes cess and other charges, on crude palm, soya and sunflower oil to 24.75% from 30.25% and on refined palm and soya oil to … Read more