MARKET DEVELOPMENT
India\'s Vegetable Oil Import Up 2 Per Cent In July
India\'s Vegetable Oil Import Up 2 Per Cent In July
15/08/2013 (Bernama) - India's import of vegetable oils in July rose a marginal two per cent to 889,493 tonnes compared with 870,328 tonnes imported the same period last year, the Solvent Extractors' Association of India (SEA) announced today.
The import consisted of 874,703 tonnes of edible oils and 14,790 tonnes of non-edible oils.
"The overall import of vegetable oils from November 2012 to July 2013 is reported at 8,034,553 tonnes compared with 7,265,527 tonnes, up 10.58 per cent," it said in a statement.
SEA said import of refined, bleached and deodorized (RBD) palm olein was reported at 213,853 tonnes in July 2013, up 24 per cent compared with July 2012 due to a reduction in duty difference between crude and refined palm olein and inverted duty structure by palm oil exporting countries.
"This has encouraged larger export of RBD palm olein to India. Import of RBD palm olein between April and July surged to 1,137,409 tonnes compared to 503,203 tonnes recorded during the same period last year leading to a crisis in the domestic refining sector," said SEA.
Between November last year and July this year, palm oil import increased to 6,331,441 tonnes compared with 5,289,017 tonnes recorded in the same period last year.
However, soft oils import reduced to 1,485,182 tonnes from 1,815,650 tonnes registered last year, it said.
Edible oil stocks as of Aug 1, at various ports in India was estimated at 610,000 tonnes (crude palm oil 230,000 tonnes, RBD palm olein 180,000 tonnes, degummed soybean oil 140,000 tonnes, crude sunflower oil 60,000 tonnes) and about 1.38 million tonnes in pipelines.
Total stocks, both at ports and pipelines stood at 1.99 million tonnes compared to 2.06 million tonnes recorded in the previous month, it said.
The import consisted of 874,703 tonnes of edible oils and 14,790 tonnes of non-edible oils.
"The overall import of vegetable oils from November 2012 to July 2013 is reported at 8,034,553 tonnes compared with 7,265,527 tonnes, up 10.58 per cent," it said in a statement.
SEA said import of refined, bleached and deodorized (RBD) palm olein was reported at 213,853 tonnes in July 2013, up 24 per cent compared with July 2012 due to a reduction in duty difference between crude and refined palm olein and inverted duty structure by palm oil exporting countries.
"This has encouraged larger export of RBD palm olein to India. Import of RBD palm olein between April and July surged to 1,137,409 tonnes compared to 503,203 tonnes recorded during the same period last year leading to a crisis in the domestic refining sector," said SEA.
Between November last year and July this year, palm oil import increased to 6,331,441 tonnes compared with 5,289,017 tonnes recorded in the same period last year.
However, soft oils import reduced to 1,485,182 tonnes from 1,815,650 tonnes registered last year, it said.
Edible oil stocks as of Aug 1, at various ports in India was estimated at 610,000 tonnes (crude palm oil 230,000 tonnes, RBD palm olein 180,000 tonnes, degummed soybean oil 140,000 tonnes, crude sunflower oil 60,000 tonnes) and about 1.38 million tonnes in pipelines.
Total stocks, both at ports and pipelines stood at 1.99 million tonnes compared to 2.06 million tonnes recorded in the previous month, it said.