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India's Dec vegoil imports down 15 pct y/y at 1.2 mln T -trade body
January 13, 2017 / 6:56 AM / 10 months ago

India's Dec vegoil imports down 15 pct y/y at 1.2 mln T -trade body

MUMBAI, Jan 13 (Reuters) - India’s vegetable oil imports in December fell 15 percent to 1.2 million tonnes from a year ago on improved local supplies and as the scrapping of high-value currency notes squeezed demand, a trade body said on Friday.

The country's imports of palm oil fell 8.5 percent to 723,158 tonnes in the month, while imports of soyoil plunged 53 percent to 232,132 tonnes, the Solvent Extractors' Association of India said in a statement.

In November, the Indian government scrapped 500-rupee and 1,000-rupee bills to crack down on corruption, denting retail demand for edible oils.

India is the world’s biggest importer of edible oils. It imports palm oil mainly from Indonesia and Malaysia, and soyoil from Brazil and Argentina. (Reporting by Rajendra Jadhav; Editing by Gopakumar Warrier)

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