Vegetable oil imports fell 27% in July 2018 to 1,119,538 tonne as compared to 1,524,724 tonne in July last year because of the hike in import duty and rupee depreciation. The country had imported 1,0537, 713 tonne of edible oils and 65,825 tonne of non- edible oils, according to data gathered by the Solvent Extractors Association of India (SEA).
The overall import of vegetable oils during November 2017 to July 2018 is down 5.5% to 10,766, 076 tonne, against 11,392, 296 tonne during the corresponding period the previous year. The current revision in import duty in June 2018, fast rupee depreciation and the credit crunch have led to negative growth in imports of vegetable oils, SEA said.
Edible oil imports declined from 14.8 lakh tonne to 10.5 lakh tonne in the same month last year. Out of the total imports last month, 52% was palm oil and 42% soft oils like soybean and sunflower oil. However, imports of non-edible oils rose to 65, 825 tonne from 35,597 tonne during the period under review.
Edible oil imports fell to 104.5 lakh tonne during November 2017 to July 2018 period from 111 lakh tonne in the corresponding period of 2016 -17 oil year. Of the total cooking oil imports, palm oil shipments contributed 59%. Imports of non-edible oil, however, rose to 3,11,587 tonne in the first nine months of 2017-18 oil year from 2,87201 tonne in the year-ago period.
India’s total demand for edible oils during 2017-18 is estimated at 23 mt. The stock of edible oils as on August 1 at various ports is estimated at 9,28,000 tonne and about 15,47,000 tonne are in the pipelines.
In June, the Centre had raised import duty by 5-10% on non-palm edible oils, both crude and refined ones to protect the interests of the domestic oilseed growers and processors.
In March this year, the government had raised the import on crude palm oils from 30% to 44% while on refined palm oils from 40% to 54% .