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India's May palm oil imports hit multi-year low on higher import tax

Reuters  |  MUMBAI 

By Rajendra JadhavMUMBAI (Reuters) - India's palm oil imports in May plunged 38 percent from a year earlier to their lowest in nearly 4-1/2 years as higher import tax on the tropical oil made it more expensive, a trade body said on Thursday.Palm oil imports might remain under pressure this month as well, helping rival soft oils such as soyoil and sunflower oils gain market share, industry officials told Reuters.Lower imports by India, the world's biggest vegetable oil importer, could weigh on Malaysian palm oil futures that were trading near their lowest in 22 months.India imported 496,478 ...

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First Published: Thu, June 14 2018. 16:29 IST