During peak domestic crushing season, the total import of edible oil increased to 19.34 lakh tonne during the first five months of the current season (November 2007 to March 2008) from 14.01 lakh tonne, up by 38%.
Import of non-edible oil was also increased to 3.30 lakh tonne from 2.42 lakh tonne, up by 36%.
The import of edible oils during March 2008 was reported at 4.21 lakh tonne compared to 3.18 lakh tonne in March 2007, up by 33% and non edible oil was reported at 81,141 tonne compared to 64,032 tonne, up by 28%, according to data provided by the Solvent Extractors’ Association of India (SEA).
The overall import of edible oils (edible & non-edible) during first five months of the oil season has shown rise of 38% and reported at 22.64 lakh tonne compared to 16.43 lakh tonne during the same period of previous year, consisting of 19.34 lakh tonne of edible oil and 3.30 lakh tonne of non-edible oil.
In last five months, international prices have substantially increased and practically doubled in last one year, however, this has had no impact on flow of imported oil into India. During the five months period, prices of all the major edible oils have gone up sharply and also shot up by about 110%-150% over March 2007. Crude palm oil (CPO) prices gained from $609 to $1,244 a tonne (CIF basis) and crude soya oil also shot up to $1,434 from $680 a tonne.
Import of Refined Oil (RBD Palmolein) is rising and reported at 81,710 tonne (4%) during the review period compared to 27,930 tonne (2%) and crude oil is reported at 18.50 lakh tonne (96%) compared to 14.01 lakh tonne (98%) for the same period of last year.