MUMBIA (Commoditiescontrol) – Imports of edible oil in the country during the month of May dropped nearly 9% to 12.46 lakh tonnes compared with 13.68 lakh tonnes a month ago, said the Solvent Extractors’ Association of India (SEA) in a release.
The drop in edible oil import was attributed to current duty structure coupled with rupee depreciation and credit crunch, it said.
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The slow import of crude palm oil was also due to disparity in imports.
Total edible oil import so far during the current oil marketing year, started from November rose 0.8% to 83.93 lakh tonnes versus 83.22 lakh tonnes a year ago, as per SEA.
Import of palm oil during May dropped significantly mainly due to slowdown in demand after hike in import duty by India government.
India government in March had raised import duty on crude palm oil to 44% against 30% earlier and also increased duty on RBD palmolein to 54% from 40%.
Contrary to palm oil import, soy oil and sunflower oil recorded positive growth month-on-month of 49.81% and 12.58% to 3.97 lakh tonnes and 3.31 lakh tonnes.
Indian buyers have imported both soft oils (soy and sun) in recent months in good quantity with expectations that India government may raise import duty. However, no decision so far has been taken by the government on this.
(By Commoditiescontrol Bureau; +91-22-40015533)
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