INDIA - India’s vegetable oil import has recorded an increase of 17 per cent at 3.42 million tonnes during November 2014 to January 2015.
During the same period last year, vegetable oil imports were at 2.91 million tonnes, Solvent Extractors’ Association of India (SEAI) said in a statement recently.
Attributing the increase, SEAI said: “In last three months, due to nil export duty on palm products by Indonesia and Malaysia and reduced demand of CPO for biodiesel, pushed the export of palm products to India to reduce burgeoning stock held by the exporting countries.”
“Also, due to high prices of soybean and lesser realization for oil and soybean meal in export market, resulted in lower crushing and oil availability in domestic market,” SEAI adds.
Vegetable oil imports during January 2015 also increased by 21 per cent to 1.09 million tonnes, as compared to 905,814 tonnes imported during the same period last year. During the three month period, import of refined oil (RBD palmolein) share was reduced to 5 per cent from 20 per cent, thanks to nil export duty on RBD palmolein and CPO by Indonesia and Malaysia and reported at 170,823 tonnes, as compared to 580,333 tonnes during the same period of last year.
Palm oil import has also increased to 2.29 million tonnes during November 2014 to January 2015, as compared to 2.19 million tonnes during the same period of last year.
Similarly, soft oils import has increased by 61 per cent to 1.06 million tonnes, as against 658,330 tonnes imported during the same period last year.
Share of soft oils in total import increased to 32 per cent from 23 per cent last year while palm oil products down to 68 per cent from 77 per cent. As on February 2015, total stock both at ports and in pipelines increased to 2.09 million tonnes from 2.07 million tonnes.