December vegetable oil imports shrink 7%

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Published: January 18, 2020 1:06:50 AM

The overall imports of vegetable oils during November-December 2019 stood at 2.255 lakh tonne, which was down by 4% against 2.345 lakh tonne recorded a year ago.

oil, vegetable oilThe veg oil shipments included 1.107 lakh tonne of edible oils and 20,901 tonne of non-edible oils.

Import of vegetable oils during December 2019 was recorded at 1.128 lakh tonne, down by 7% compared to 1.211 lakh tonne in December 2018, according to data released by the Solvent Extractors’ Association of India ( SEA).

The veg oil shipments included 1.107 lakh tonne of edible oils and 20,901 tonne of non-edible oils.

The overall imports of vegetable oils during November-December 2019 stood at 2.255 lakh tonne, which was down by 4% against 2.345 lakh tonne recorded a year ago.

According to the SEA, the Directorate General of Foreign Trade (DGFT) under the ministry of commerce and industry, issued a notification in January, whereby RBD palmolein is now placed under “restricted list” to regulate excessive import of refined palm oil in to the country. India largely imports RBD palmolien from Malaysia. The import will now be subjected to licence to be issued by DGFT.

The stock of edible oils as on January 1, 2020 at various ports has reduced and estimated at 8.60 lakh tonne (CPO 4.30 lakh tonne, RBD palmolein 1.80 lakh tonne, degummed soybean oil 1.35 lakh tonne and crude sunflower oil 1.15 lakh tonne). In the past four months, pipelines stock dried up to the lowest level and reported at 5.15 lakh tonne as on January 1,2020 compared to 6.30 lakh tonne as on December 1, 2019.

The total stock at ports and in pipelines is reported at 13.75 lakh tonne, down by 1.36 lakh tonne from 15.11 lakh tonne as on December 1, 2019, and from 20.25 lakh tonne stock recorded on January 1,2019.
India’s monthly requirement is about 19.00 lakh tonne, and it usually operates at 30 days stock. At present, the country holds over 13.75 lakh tonne of stock which is equal to 22 days of requirements.

During November-December 2019, import of refined oil (RBD palmolein) decreased to 2.172 lakh tonne from 2.393 lakh tonne in the same period of last year. However, import of crude oil increased marginally and recorded at 19.865 lakh tonne compared to 19.797 lakh tonne during the same period of last year.

During November-December 2019, palm oil import has decreased to 14.098 lakh tonne from 15.035 lakh tonne during the same period of last year. However, soft oil import increased to 7.939 lakh tonne from 7.156 lakh tonne during the same period of last year mainly due to reduction in spread between palm oil and soft oil.

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