MUMBAI (Commoditiescontrol) – India veg oil imports during the marketing year 2017-18 (Nov-Oct) dropped 2% year-on-year at 150.26 lakh tonnes versus 154.40 lakh tonnes same period a year ago, according to the Solvent Extractors’ Association of India (SEA).
The drop in veg oil imports was due to increase in import duty by the Indian government followed by tepid demand and weak Indian currency.
However import of veg oil in October 2018 recorded jump of 8% at 12.56 lakh tonnes as against 11.67 lakh tonnes same period a year ago.
The import has jumped by 27% in last 5 years. There is no import of Vanaspati since last 5 years, said B.V Mehta, Executive Director, SEA.
The stock of edible oils as on Nov 1, 2018 at various ports was estimated at 8.95 lakh tonnes (CPO 3.7 lakh tonnes, RBD Palmolein 1.80 lakh tonnes, Degummed Soybean Oil 2.05 lakh tonnes and Crude Sunflower Oil 1.40 lakh tonnes and about 14.30 lakh tonnes in pipelines, said Mehta.
Total stock at ports and in pipelines decreased by 2.28 lakh tonnes from 25.53 lakh tonnes as on October 1, 2018, Mehta added.
India’s monthly requirement is about 19.0 lakh tonnes and operate at 30 days stock against which currently holding stock over 23.25 lakh tonnes equal to 37 days requirements, said Mehta.
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(By Commoditiescontrol Bureau; +91-22-40015533)
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