MARKET DEVELOPMENT
India's Vegetable Oils Import Up 35 Per Cent In July
India's Vegetable Oils Import Up 35 Per Cent In July
14/08/2015 (Bernama) - India's import of vegetable oils, both edible and non-edible, in July 2015 jumped 35 per cent to 1.5 million tonnes, the highest in a single month since it allowed duty free purchases in 1994.
In July 2014, the country, which is one of the largest consumer of edible oil, imported a total of 1.1 million tonnes.
Imports from November 2014 till July 2015 touched a record 10 million tonnes, up from eight million tonnes during the same period previously, the Solvent Extractors Association of India said in a statement today.
Out of the total imports in July 2015, 1.47 million tonnes were edible oil, while the remaining 22,668 tonnes were non-edible oil, it said.
Imports of both palm products and soybean oil in July were at record highs, at 976,000 tonnes and 349,000 tonnes respectively, said the association.
India's stock of edible oils in various ports as at Aug 1, 2015 is estimated at 840,000 tonnes, out of which crude palm oil totalled 400,000 tonnes, refined, bleached and deodorised palmolein (125,000 tonnes), degummed soybean oil (170,000 tonnes), crude sunflower oil (115,000 tonnes), 30,000 tonnes of rapeseed (canola) oil and about 1.580 million tonnes in pipelines.
Total stock at ports and in pipelines increased to 2.42 million tonnes from 2.18 million tonnes due to higher import during July.
India's monthly requirement is about 1.6 million tonnes against which currently holding stock of over 2.42 million tonnes equal to 45 days requirements.
In July 2014, the country, which is one of the largest consumer of edible oil, imported a total of 1.1 million tonnes.
Imports from November 2014 till July 2015 touched a record 10 million tonnes, up from eight million tonnes during the same period previously, the Solvent Extractors Association of India said in a statement today.
Out of the total imports in July 2015, 1.47 million tonnes were edible oil, while the remaining 22,668 tonnes were non-edible oil, it said.
Imports of both palm products and soybean oil in July were at record highs, at 976,000 tonnes and 349,000 tonnes respectively, said the association.
India's stock of edible oils in various ports as at Aug 1, 2015 is estimated at 840,000 tonnes, out of which crude palm oil totalled 400,000 tonnes, refined, bleached and deodorised palmolein (125,000 tonnes), degummed soybean oil (170,000 tonnes), crude sunflower oil (115,000 tonnes), 30,000 tonnes of rapeseed (canola) oil and about 1.580 million tonnes in pipelines.
Total stock at ports and in pipelines increased to 2.42 million tonnes from 2.18 million tonnes due to higher import during July.
India's monthly requirement is about 1.6 million tonnes against which currently holding stock of over 2.42 million tonnes equal to 45 days requirements.