India’s vegetable oil imports dropped 13% in October this year, owing to sluggish demand from hotels as well as restaurants which gradually began reopening from June after a nationwide lockdown, the Solvent Extractors’ Association said in a statement.
The world’s second-most populous country imported 1.27 million tonnes of vegetable oils in October this year, down from 1.48 million tonnes in the same month last year.
It must be noted here that the South Asian nation imported over 13 million tonnes of vegetable oils in 2019-20. India’s palm oil imports fell 23.3% to 7.22 million tonnes in the same financial year.
Palm oil is mainly used by hotels and restaurants. However, palm oil demand remained weak due to continued high levels of COVID-19 cases in the world’s biggest importer of vegetable oils.