MUMBAI (Commoditiescontrol) - India vegetable oils (edible & non edible) during the first three month of current oil marketing year, started from November dropped 15 percent at 3,410,008 tonnes against 4,016,391 tonnes same period a year ago, Solvent Extractors' Association (SEA) said today.
Similarly edible oil import for the month of January also fell 19 percent at 1,024,859 tonnes versus 1,258,054 tonnes previous year.
"Import has reduced due to good kharif oilseeds crop and thus better domestic availability of edible oils and utilization of stock, said B.V Mehta, Executive Director, SEA. Also, currency crunch due to demonetization has slow down the purchases by end consumers also affected the demand and import to some extent," he added.
Palm oil import (RBD Palmolein + CPO + Crude Olein + CPKO) dropped 9.31 percent at 2,133,231 tonnes during November to January 2016-17 compared with 2,352,353 tonnes. Palm oil contributed 64 percent of total edible oil imports.
Soybean oil imports dropped sharply 562,991 tonnes from January to November from 1,188,754 tonnes last year. The sharp slump in soybean oil imports may be due to higher domestic soybean production.
Other hand sunflower oil shipment in the country rose over 40 percent at 558,767 tonnes, while rape seed (canola) oil import surged 44 percent at 83,255 tonnes.
The stock of edible oils as on February 1, 2017 at various ports is estimated at 642,000 tonnes (CPO 220,000 tonnes, RBD Palmolein 150,000 tonnes, Degummed Soybean Oil 180,000 tonnes, Crude Sunflower Oil 85,000 tonnes and 7,000 tonnes of Rapeseed (Canola) Oil) and about 1,088,000 tonnes in pipelines. Total stock at ports and in pipelines decreased to 1,730,000 tonnes from 1,845,000 tonnes in January, 2017.
The overall stock as on 1st Feb., 2017 has decreased by 115,000 tonnes compared to January 1, 2017. India’s monthly requirement is about 16.50 lakh tonnes and operate at 30 days stock against which currently holding stock over 17.30 lakh tonnes equal to 32 days requirements.
(By Commoditiescontrol Bureau' +91-22-40015533)