India vegetable oil imports seen shrinking for second year

MUMBAI: India's vegetable oil imports are likely to contract for the second straight year, the Solvent Extractors' Association of India (SEA) said on Wednesday.

Imports in 2020/21 marketing year ending Oct. 31 could fall to 13.1 million tonnes, the lowest in six years, from last year's 13.2 million, B.V. Mehta, SEA executive director, said in a virtual conference.

Palm oil imports, however, could rise 8% from a year ago to 7.8 million tonnes, he said, as India allowed imports of refined palm oil and cut the import tax on crude palm oil.