India's Vegetable Oil Import Up 6% YoY In June At 11.05 Lakh Tonnes

MUMBAI (Commoditiescontrol) - India's vegetable oils import rose by 6 percent in June to 11.05 lakh tonnes, according to industry data.

Imports of vegetable oils (edible oil and non-edible oil) stood at 10.42 lakh tonnes in June 2018, according to Solvent Extractors' Association of India (SEA).

Edible oil imports rose to 10.71 lakh tonnes from 10.07 lakh tonnes, while non-edible oils imports decreased to 34,014 tonnes from 34,440 tonnes during the period under review.

"The overall import of vegetable oils during November 2018 to June 2019 is reported at 9,868,971 tonnes compared to 9,646,538 tonnes," SEA said in a statement.

Edible oil year runs from November to October.

During November 2018 to June 2019, the overall palm oil import has increased to 6,085,394 tonnes from 5,57,723 tonnes duringh the same period last year, due to higher import of RBD palmolein.

However soft oils import decreased to 3,370,501 tonnes from 3,843,053 tonnes.

"During the last few months, due to duty advantage given to Malaysia for Palmolein under India-Malaysia CECA Agreement, the country flooded with RBD Palmolein from Malaysia following reduction of duty difference from 10 percent to 5 percent between CPO (crude palm oil) and palmolein sourced from Malaysia with effect from 1st January, 2019," it added.

During November 2018-June 2019, SEA said that import of refined oil (RBD Palmolein) increased by 39 percent to 18,25,663 tonnes from 13,15,256 tonnes in the corresponding period previous year. Import of crude oils decreased to 76,30,232 tonnes from 80,85,520 tonnes.

During November and December 2018, the share of refined (RBD Palmolein) was just 12 percent and 10 percent, respectively, whereas now in May and June 2019, it has increased to 31 percent and 24 percent, respectively, the statement said.

(By Commoditiescontrol Bureau)