INDIA - India has recorded a 76 per cent increase in vegetable oils (edible & non-edible) imports during August 2014 at 1.33 million tonnes, consisting of 1.32 million tonnes of edible oils and 12135 tonnes on non-edible oils.
During the same month last year vegetable oil imports were recorded at 757,830 tonnes, Solvent Extractors’ Association of India (SEAI) said in a release.
The overall import of vegetable oils during November 2013 to August 2014 was reported at 9.52 million tonnes, as compared to 8.79 million tonnes, registering 8 per growth, SEAI said.
Import of soybean oil jumped to record level of 350,373 tons in August 2014, highest in any single month since import opened up in OGL in 1994.
Import of vegetable oils during August 2014 is the highest in any single month since import allowed under OGL in 1994 by India and reported 1.33 million tonnes, as against the previous highest of 1.16 million tonnes recorded in January 2013.
SEAI said that the nil duty on palm products by Malaysia effective from September (from $ 38 in August -4.5 per cent) and expected nil duty by Indonesia from October against current duty of $ 66 (9 per cent) will further push the import into India to reduce their burgeoning stock and will put more pressure on domestic prices in coming months.
Currently, the edible oil prices are at historical low since 2008. Local prices are also at a level where Indian oilseeds growing farmers will be in distress with a kharif harvest expecting in next 5 to 6 weeks.
There is urgent need to support the farmers by increasing import duty on crude vegetable oils from 2.5 per cent to 10 per cent and refined vegetable oils from 10 per cent to 25 per cent, only a viable option, SEAI stressed.
Import of non-edible oils during August 2014 was recorded at 12,135 tonnes compared to 28,794 tonnes during the same period last year.
The overall import of non-edible oils during November 2013 to August 2014 is reported at 155,926 tonnes compared to 246,724 tonnes during the same period of last year, posting a negative growth of 37 per cent.
SEAI said that current stock of edible oils as on September 1, 2014 at various ports is estimated at 860,000 tonnes, which includes CPO 360,000 tonnes, RBD Palmolein 105,000 tonnes, Degummed Soybean Oil 250,000 tonnes, Crude Sunflower Oil 140,000 tonnes and 5,000 tonnes of Rapeseed (Canola) Oil), up by nearly 50 per cent from previous month stock and about 960,000 tonnes in pipelines.
Total stock, both at ports and in pipelines increased to 1.82 million tonnes from 1.59 million tonnes recorded in the previous months.