Vegetable oil imports fall 15.5% in August

Written by Press Trust of India | New Delhi | Updated: Sep 14 2013, 08:59am hrs
Vegetable oil imports fell by 15.52% during the last month to 7.57 lakh tonnes due to volatility in the rupees value, according to the trade data released Friday.

Imports of vegetable oils, comprising edible oil and non-edible oils, stood at 8.97 lakh tonnes in the same month last year.

"Import during August decreased due to rupee volatility," Solvent Extractors' Association said in a statement.

However, the total import of vegetable oils during November 2012-August 2013 increased by 8% to 87,92,383 tonnes compared to 81,62,545 tonnes in the year-ago period. The oil year runs from November to October.

"The rupee has suddenly fallen in the last few days and touched R68.36 a dollar on August 28, 2013 and now rested at R63.59 (September 12), putting pressure on import of vegetable oils," SEA said.

The association also noted that during the last one year, RBD Palmolein has fallen by $195 (19%), CPO by $171 (17%), crude soybean oil by $326 (26%) and crude sunflower oil by $202 (16%). Total stock, both at ports and pipelines, is estimated at 16,85,000 tonnes compared to 19,90,000 tonnes in the previous month.