INDIA - India’s vegetable oil imports (edible & non-edible) have recorded an increase of 23 per cent at 4.29 million tonnes during November 2014 to February 2015.
During the same period last year, vegetable oil imports were at 3.49 million tonnes, the Solvent Extractors’ Association of India (SEAI) said in a statement.
In last four 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, SEAI statement adds.
SEAI stressed that due to high prices of soybean and lesser realization for oil and soybean meal in export market, resulted in lower crushing and lesser oil availability in domestic market. India’s monthly requirement is about 1.60 million tonnes, against which currently holding over 2 million tonnes as stock equal to 38 days requirements.
Import of refined oil (RBD Palmolein) share during the period was further reduced to 6 per cent from 21 per cent, thanks to nil export duty on RBD Palmolein and CPO by Indonesia and Malaysia and reported at 251,490 tonnes compared to 705,475 tonnes during the same period of last year.
Share of imported crude oil jumped to 94 per cent from 79 per cent and reported at 3.94 million tonnes, as compared to 2.71 million tonnes during the same period of last year. During November 2014 to February 2015 in quantity term palm oil import has increased to 2.80 million tonnes from 2.59 million tonnes during the same period of last year.
Similarly, soft oils import has also increased to 1.39 million tonnes from 824,189 tonnes last year i.e. up by 70 per cent. Share of soft oils in total import increased to 33 per cent from 24per cent last year while that of palm oil products reduced to 67 per cent from 76 per cent. SEAI said that in last one year, CIF Indian port prices of edible oils moved downward in line with fall in international prices.
RBD Palmolein price is down by 21per cent, crude palm oil was down by 24 per cent, crude soybean oil down by 15 per cent and crude sunflower oil down by 12 per cent, while rupee is at more or less at the same level. Import of vegetable oils during February 2015 was also up by 50 per cent to 866,167 tonnes, as compared to 578,975 tonnes during February 2014, consisting of 845,484 tonnes of edible oils and 20,683 tonnes of non-edible oils.
Total stock, both at ports and in pipelines decreased to 2.01 million tonnes from 2.09 million tonnes last month.