17/06/2014 (Hindu Business Online) - Vegetable oil imports increased 13 per cent in May to 1,033,550 tonnes against 917,964 tonnes in the same period a year ago.

Besides improved demand and fall in prices, the appreciation of the rupee against the dollar helped importers to ship in additional quantities last month.

The rupee has depreciated to 59.28 against the dollar in May from the preceding month level of 60.35.

Refined palmolien prices fell by three per cent to $866 a tonne against $897 in April.

Similarly, crude soyabean oil was down four per cent at $934 a tonne, according to data released by the Solvent Extractors’ Association of India.

Indian imports in May comprised 1,022,004 tonnes of edible oils and 11,546 tonnes of non-edible oils.

The overall import of vegetable oils between November 2013 and May 2014 was flat at 6,198,541 tonnes (6,197,469 tonnes).

Edible oil stocks as on June 1 at various ports are estimated at 610,000 tonnes, including 285,000 tonnes of crude palmolien, 75,000 tonnes of refined palmolein, 95,000 tonnes of degummed soyabean oil, 145,000 tonnes of crude sunflower oil and 10,000 tonnes of rapeseed oil. In addition about 810,000 tonnes of vegetable oil is in pipeline.

Total stock, both at ports and in the pipelines, increased to 1,420,000 tonnes from 1,165,000 tonnes.

This was largely due to higher import of sunflower and soyabean oil in the last few months.

Demand for non-edible oil, used by various industries, dipped sharply. Imports halved to 11,546 tonnes in May against 25,898 tonnes in the same period last year.

The overall import of non-edible oils between November 2013 and May 2014 dropped 38 per cent to 103,445 tonnes (166,640 tonnes). Non-edible oil imports include palm fatty acid distillate and crude palm kernel oil.