India’s veg oil imports rise 3% in Nov-April period

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Published: May 16, 2019 12:29:27 AM

The country’s vegetable oil imports for the first six months of the oil year during November 2018 to April 2019 stood at 75,41,689 tonne, up about 3% from 73,18,295 tonne reported in the same period last year.

During April 2019, import of palm oil fell to 7,07,450 tonne from 8,02,443 tonne in March 2019, down by 12%.During April 2019, import of palm oil fell to 7,07,450 tonne from 8,02,443 tonne in March 2019, down by 12%.

The country’s vegetable oil imports for the first six months of the oil year during November 2018 to April 2019 stood at 75,41,689 tonne, up about 3% from 73,18,295 tonne reported in the same period last year.

However, the vegetable oil imports for April 2019 reported a decline of about 11% to 12,32,283 tonne as against 13,86,466 tonne reported in the corresponding month last year.

The data compiled by the Solvent Extractors’ Association of India (SEA) revealed that from November 2018 to April 2019, the import of refined oil (RBD Palmolein) increased to 11,99,052 tonne from 9,80,353 tonne in same period last year.

Import of crude oil, however, decreased and was reported at 60,04,778 tonne from 61,66,398 tonne during the same period of last year. The share of RBD Palmolein in the overall edible oil imports was just 12% in November and 10% in December, whereas in April 2019 it increased to 20%.

As per the data, during November 2018-April 2019, palm oil import has marginally increased to 45,80,359 tonne from 45,74,098 tonne during the same period last year, while import of soft oils including soyabean, sunflower, rapeseed oil has increased to 26,23,471 tonne from 25,72,653 tonne during the same period of last year.

“In last one year, in international market, prices of various edible oils have gone down in the range of 11-20% due to excess supply in the world market, but rupee has depreciated by nearly 6% in last one year,” SEA executive director BV Mehta said in a statement.

During April 2019, import of palm oil fell to 7,07,450 tonne from 8,02,443 tonne in March 2019, down by 12%.

The import of soyabean oil decreased to 2,48,851 tonne from 2,92,925 tonne in March 2019, down by 15% and sunflower oil decreased to 2,42,462 tonne from 2,97,887 tonne in March 2019, down by 19%.

The stock of edible oils as on May 1, 2019 at various ports is estimated at 8,75,000 tonne (CPO 3,40,000 tonne, RBD Palmolein 2,15,000 tonne, degummed soyabean oil 1,20,000 tonne and crude sunflower oil 2,00,000 tonne and about 14,80,000 tonne in pipelines. Total stock at ports and in pipelines is reported at 23,55,000 tonne, decreased by 15,000 tonnes from 2,370,000 tonnes as on 1st April, 2019. India’s monthly requirement is about 19.0 lakh tonnes and operate at 30 days stock against which currently holding stock over 23.55 lakh tonnes equal to 37 days requirements.

The import of Non-edible oils during April 2019 is reported at 33,520 tonnes compared to 17,850 tonnes in April 2018. The overall import of non-edible oils during November 2018 to April 2019 is reported at 337,859 tonnes (almost doubled) compared to 171,544 tonnes during the same period last year i.e. up by 97%, thanks to nil duty on P.F.A.D. and RBD Palm Stearin. P.F.A.D., C.P.S and RBD Palm Stearin are the major import of non-edible oils.

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