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Reuters
India’s vegoil imports cost a record $15.7 billion -trade body
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, in particular could support benchmark Malaysian futures, now trading near a record high. In volume terms, imports of 13.53 million tonnes for the 2020/21 marketing year ended on Oct. 31 were slightly higher than 13.52 million a year ago, the Solvent Extractors’ Association of India (SEA) said.
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