The share of palm oil is more than 60 per cent of the country's total vegetable oil imports.
In November, the government raised the import duty on edible oils by 12.5 per cent to 15 per cent across the board to ensure farmers get remunerative prices for their produce.
"This announcement has changed the sentiment and the market has moved upward and now prices of soyabean and groundnut are above the minimum support price," the SEA said in a statement.
SEA said the increase in import duty by India led to Malaysia suspending the export taxes on crude palm oil (CPO) for a three-month period effective January 8, 2018, and with this export duty on CPO will be nil.
Among palm oil products, import of CPO increased to 6,08,405 tonne in December 2017 from 4,73,179 tonne in the year-ago period, as per the SEA data.
The shipment of crude palm kernel oil (CPKO) also increased to 7,528 tonne from 4,425 tonne, while that of RBD palmolein declined to 1,06,924 tonne from 2,45,554 tonne in the said period.
Among soft oil, import of sunflower oil increased to 2,36,655 tonne in December 2017 from 1,85,824 tonne in the year-ago period.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)