India’s vegetable oil imports rise 28 percent in Feb

India imported 11.10 lakh tonnes of vegetable oil last month, up 28 percent from the same month last year, as low global prices led to higher shipments of refined palmolien, the Solvent Extractors Association of India (SEA) said in a statement.

“Import of vegetable oils during February 2016 is reported at 11,10,916 tonnes compared to 868,167 tonnes in February, 2015,” it said.

The trade body said that during November-February period of the current 2015-16 oil year, the import of vegetable oils (comprising edible and non-edible oils) increased by 19 percent to 51,25,017 tonnes as compared to 42,95,443 tonnes in the corresponding period of the previous year.

Import of refined oil (RBD Palmolein) rose to 7,89,062 tonnes in November 2015-February 2016 from 253,780 tonnes in the same period of the last oil year.

Crude oil imports were marginally higher 43,00,497 tonnes against 39,49,385 tonnes during the same period of last year.

“The share of soft oils import increased to 42 percent from 33 percent last year while share of palm oil products down to 58 percent from 67 percent,” the statement said.

Import of non-edible oils fell by 62 percent at 35,458 tonnes in the first four months of the last year as compared to 92,278 tonnes in the same period last year.

“In last one year, CIF Indian port prices of edible oils moved downward (except crude sunflower oil) in line with fall in international prices. RBD Palmolein price is down by $56 (-8%), crude palm oil by $49 (-7%) and Crude soybean oil by $58 (-7%). In last one year rupee has depreciated by 10%,” the statement said.

 

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