Imports Of Palm Oil Products In India On Uptrend

NEW DELHI (India), Dec 12 (Bernama) -- The import of palm oil products in India has been on an uptrend over the past two months due to the zero export duty by Indonesia and Malaysia, as well as prices being at the lowest in five years. The reduction in demand for Crude Palm Oil (CPO) for bio diesel has also helped push the export of palm oil products to India and reduce the burgeoning stock held by the exporting countries, The Solvent Extractors' Association of India said Friday. India's CPO import was recorded at 712,881 tonnes last month and much higher when compared to the 550,663 tonnes and 534,556 tonnes respectively, for the same month in 2013 and 2012, the association said in announcing India's total import of vegetable oils. For the month of November, India's total import of vegetable oils was reported at 1,189,934 tonnes compared with 944,309 tonnes in the same month of last year, comprising 1,149,131 tonnes of edible oils and 40,803 tonnes of non-edible oils, up by 26 per cent. The current stock of edible oils as of Dec 1, 2014 at various ports was estimated at 860,000 tonnes, CPO (555,000 tonnes), RBD Palmolein (80,000 tonnes), Degummed Soybean Oil(60,000 tonnes), Crude Sunflower Oil (130,000 tonnes), and 35,000 tonnes of Rapeseed (Canola) Oil and about 1,100,000 tonnes in the pipelines. Total stock at both ports and in the pipeline increased to 1,960,000 tonnes from 1,860,000 tonnes in November 2014 and 1,470,000 tonnes in December 2013. --BERNAMA