MUMBAI (Commoditiescontrol) - India's vegetable oils import rose by 26 percent in July to 14.12 lakh tonnes, according to industry data.
Imports of vegetable oils (edible oil and non-edible oil) stood at 11.2 lakh tonnes in July 2018, according to Solvent Extractors' Association of India (SEA).
Edible oil imports rose to 13.5 lakh tonnes from 10.53 lakh tonnes, while non-edible oils imports decreased to 64,119 tonnes from 65,825 tonnes during the period under review.
"The overall import of vegetable oils during November 2018 to July 2019 is reported at 11,280,972 tonnes compared to 10,766,076 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 6,898,199 tonnes from 6,107,903 tonnes during the same period last year, due to higher import of RBD palmolein.
However soft oils import decreased to 3,905,578 tonnes from 4,346,586 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-July 2019, SEA said that import of refined oil (RBD Palmolein) increased by 40 percent to 2,090,381 tonnes from 1,495,674 tonnes in the corresponding period previous year. Import of crude oils decreased to 8,713,396 tonnes from 8,958,815 tonnes.
During December 2018, the share of refined (RBD Palmolein) was just 10 percent, whereas now in July 2019, it has increased to 20 percent, the statement said.
(By Commoditiescontrol Bureau)
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