India’s palm oil imports expected to return to usual volumes this month

NEW DELHI: India’s palm oil imports are expected to return to their normal levels following a slump caused by business shutdowns brought on by the coronavirus pandemic.

Palm oil sales in India picked up in July 2020 after lower demand was seen between April and June when the food services and hospitality sectors faced severe disruptions.

“We expect September, October and November imports of palm oil to be at the usual volume of 650,000 to 700,000 tonnes per month,” said Sudhakar Desai, president of the Indian Vegetable Oil Producers’ Association (IVPA), in a statement today.

Indian edible oil imports were about 1.5 million tonnes in July and 1.3 million tonnes in August.

July’s higher imports were fuelled by “the unmanageable low levels” of edible oil stocks reached by end-May, said Desai.

According to industry figures, India imported 734,351 tonnes of palm oil, including 344,068 tonnes from Malaysia, in August 2020.