During November 2018-June 2019, import of refined oil (RBD Palmolein) went up 39% to 1,825,663 tonne, against 1,315,256 tonne in the year-ago period.
Vegetable oil imports during June 2019 had gone up 6% to 1,105,295 tonne, a major trade body has said. According to the data compiled by the Solvent Extractors’ Association of India (SEA), vegetable oil imports touched 1,042,003 tonne in June 2018, consisting 1,071,279 tonne of edible oils and 34,014 tonne of non-edible oils. However, the overall import of vegetable oils during November 2018 to June 2019 rose 2% to 9,868,971 tonne, against 9,646,538 tonne in the year-ago period.
India, the world’s biggest importer of vegetable oils, primarily imports palm oil from Indonesia and Malaysia and soy oil from Argentina and Brazil. It also buys small volumes of sunflower oil from Ukraine and canola oil from Canada. The stock of edible oils as on July 1, 2019, at various ports is about 750,000 tonne which consisted of crude palm oil (CPO) 300,000 tonne, RBD Palmolein 230,000 tonne, degummed soyabean oil 80,000 tonne and crude sunflower oil 140,000 tonne and about 14,00,000 tonne in pipelines. Total stock at ports and in pipelines is reported at 2,150,000 tonne, which had decreased 50,000 tonne from 2,200,000 tonne as on June 1, 2019.
India’s monthly requirement is about 19 lakh tonne and it operates at 30-day stock against which currently holding stock over 21.50 lakh tonne. On July 1, 2018, India was operating at 34-day requirements against 25.18 lakh tonne.
During November 2018-June 2019, import of refined oil (RBD Palmolein) went up 39% to 1,825,663 tonne, against 1,315,256 tonne in the year-ago period. However, import of crude oils decreased and reported at 7,630,232 tonne from 8,085,520 tonne during the same period of the previous year.
During November and December 2018, the share of refined oil (RBD Palmolein) was just 12% and 10%, whereas now in May 2019 and June 2019, it has increased to 31% and 24%. In one year, in international market, prices of palm oils have gone down in the range of 14-21% and soft oils in 3-5%, which has made palm oil more attractive and has reflected in quantity imported by India. Import of non-edible oils during June 2019 was 34,014 tonne, against 34,440 tonne in June 2018.
The overall import of non-edible oils during November 2018 to June 2019 was 413,076 tonne, against 245,762 tonne in the year-ago period.