India imported 5,98,247 tonnes of palm oil in June, the second biggest shipments so far this calendar year, according to the Solvent Extractors' Association (SEA).

However, total palm oil imports by the world's leading vegetable oil buyer during the month was much lower than 6,70,762 tonnes shipments in June 2013.

According to SEA data, palm oil imports had touched highest at 6,54,255 tonnes in May, while the shipments were second highest in June at 5,98,247 tonnes.

Palm oils make up 71 per cent of the country's total vegetable oil imports. India meets 60 per cent of its annual vegetable oil demand of 17-18 million tonnes via imports.

"The share of palm oils in total vegetable oil imports has narrowed down to 71 per cent from 80 per cent on rise in shipments of soft oils due to the price difference," SEA Executive Director B V Mehta told PTI.

The share of soft oils has risen to 29 per cent of total vegetable oil imports now. Import of soft oils comprising soybean oil and sunflower oils rose to 2,62,489 tonnes in June, from 2,40,329 tonnes in the year-ago month, he added.

Last month, crude palm oil (CPO) price was at USD 841 per tonne and crude sunflower oil rate at USD 936 per tonne.

Whereas in the same month last year, crude sunflower oil was ruling at as high as USD 1,208 per tonne and CPO at USD 832 per tonne, the SEA data showed.

The country's total vegetable oil imports declined 4 per cent to 8,83,679 tonnes in June this year, compared to 9,47,591 tonnes in the year-ago month, the SEA said.

India imports palm oil mainly from Indonesia and Malaysia and small quantity of crude soft oils, including soyabean oil, from Latin America and sunflower oil from Ukraine and Russia.

Source:- economictimes.indiatimes.com