15/02/2013 (Bernama) - Heavy discounting of palm products has pushed India's January 2013 imports of vegetable oils, both edible and non-edible, to 1,157,130 tonnes -- the highest in a single month since imports began in 1994.

The January 2013 imports comprised 1,132,631 tonnes of edible oils and 24,499 tonnes of non-edible oils, up 75 per cent from 659,979 tonnes in January 2012, Solvent Extractors Association of India Executive Director Dr B.V Mehta said.

The previous highest import was 1,000,942 tonnes in August 2010.

Overall imports of vegetable oils from November 2012 to January 2013 are reported at 2,766,088 tonnes compared to 2,185,254 tonnes previously, up 26.58 per cent.

"Usually, soft oil imports are preferred during winter season in India, However, due to the heavy discount of palm products of US$300 to US$350 per tonne over soft oils, the trend has been reversed, pushing up imports of palm products even in the winter season in India," he said.

Last Month, India imposed a 2.5 per cent import duty on crude edible oils for the first time since 2008 in a bid to protect its local oilseed farmers.

Also, imports of Refined Bleached and Deodorised (RBD) Palmolein jumped to 153,060 tonnes compared with 76,159 tons in November 2012 and 137,475 tonnes in December 2012, he said in a statement released here today.

As of Feb 1, 2013, the stock of edible oils at various ports is estimated at 857,000 tonnes, comprising 580,000 tonnes of Crude Palm Oil (CPO), RBD Palmolein (125,000 tonnes), Degummed Soybean Oil (40,000 tonnes), Crude Sunflower Oil (110,000 tonnes) and Canola Rape Oil (2,000 tonnes).

There are also 900,000 tonnes in the pipeline, thanks to excessive imports during December and January, he said, adding that the total stock, both at ports and in the pipeline, has increased by 297,000 tonnes to 1,757,000 tonnes.

Overall imports of non-edible oils during November 2012 to January 2013 rose by 34 per cent to 73,734 tonnes compared with 55,163 tonnes during the same period last year.

Palm Fatty Acid Distillate, Crude Palm Kernal Oil and RBD Palm Sterin are the major non-edible oils imported, he added.

India is the world's largest vegetable oils importer, buying about 8-9 million tonnes a year or about half its total consumption. Palm oil accounts for about 80 per cent of its imports.