KUALA LUMPUR (June 11): India is expected to import an average of 800,000 tonnes of palm oil a month in the third quarter of this year, Indian Vegetable Oil Producers (IVPA) said today.
Speaking in a webinar organised by the Malaysian Palm Oil Council (MPOC), IVPA president Sudhakar Desai said India’s imports of the commodity averaged 650,000 tonnes a month during the fourth quarter of last year and the first quarter of this year.
During the current third quarter, however, monthly imports fell to 400,000 tonnes in April and May. But it is expected to recover to 650,000 tones in June, said Sudhakar, who is also the CEO of Emami Agrotech Ltd.
For the October 2019-September 2020 oil year, Sudhakar forecasted India’s palm oil imports at 7.75 million tonnes, down from 10.03 million tonnes posted in the previous corresponding period.
Total vegetable oil imports by India during the current oil year are expected to decline to 23.66 million tonnes from 25.7 tonnes in the previous oil year.