Imports of Edible Oil decline in India by 32.44%

The Solvent Extractors Association of India reported that edible oil imports in India has declined by 32.44% in March 2020. This is because, India, the largest importer if vegetable oil in the world has reduced its imports due to the threats of COVID-19.

Highlights

The report released by the association highlighted that India feeds its citizen with 60% of imported edible oil. There has been 90% fall in imports in March 2020. In March 2019, India imported 3,12,673 tonnes of edible. This year, in march 2020, India imported only 30,850 tonnes.

Why huge decline?

The import of RBD (Refined, Bleached and Deodorized) Palmolein has been restricted since January 2020. It was put under “restricted list”. This means that an importer has to acquire license for inbound shipment.

Imports of India

India imports its palm oil mainly from Indonesia and Malaysia. India has been restricting its palm oil from Malaysia since Kashmir comment made by the former Malaysian Prime Minister at the United Nations General Assemble meet. India imports soyabean oil from Argentina and sunflower oil from Ukraine and Russia.

Month: Current Affairs - April, 2020