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India's Jan vegoil imports drop 19 pct y/y to 1 mln T - trade body
February 15, 2017 / 7:06 AM / in 10 months

India's Jan vegoil imports drop 19 pct y/y to 1 mln T - trade body

MUMBAI, Feb 15 (Reuters) - India’s vegetable oil imports in January fell 19 percent from a year ago to 1 million tonnes due to a rise in local supplies and as the government’s move to scrap high-value currency notes dampened demand, a trade body said on Wednesday.

The country's imports of palm oil in January stood at 608,762 tonnes, while soyoil imports were 166,573 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 Subhranshu Sahu)

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