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Import of Vegetable Oils up by 15% in June 2017

Capital Market 

Sharp rise in import of RBD Palmolein & RBD Palm Sterin

Import of vegetable oils during June 2017 is reported at 1,344,868 tons compared to 1,169,456 tons in June 2016 i.e. up by 15%, as per the data compiled by The Solvent Extractors' Association of India of Vegetable Oils (edible & non-edible) for the month of June 2017. It consists of 1,293,777 tons of edible oils and 51,091 tons of non-edible oils.

The overall import of vegetable oils during first eight months of current oil year 2016-17, Nov.'16 to June '17 is reported at 9,863,572 tons compared to 9,763,043 tons, more or less of the last year.

Currently, Soybean, Rapeseed & Groundnut being sold below MSP and prices have dropped between 20% to 30% of last year level. The current prices is the lowest in the last five years and farmers are totally discouraged to sow the oilseeds and may switch over to Cotton and other cash crops. With a view to ensure farmers do not loose interest in oilseeds cultivation, SEA has strongly suggested to Central Government to raise the import duty on crude oil to 20% and refined oil to 35% with immediate effect.

The stock of edible oils as on 1st July, 2017 at various ports is estimated at 738,000 tons (CPO 270,000 tons, RBD Palmolein 150,000 tons, Degummed Soybean Oil 160,000 tons, Crude Sunflower Oil 140,000 tons and 18,000 tons of Rapeseed (Canola) Oil) and about 1,540,000 tons in pipelines. Total stock at ports and in pipelines increased to 2,278,000 tons from 2,160,000 tons in June, 2017. India's monthly requirement is about 17.50 lakh tons and operate at 30 days stock against which currently holding stock over 22.78 lakh tons equal to 39 days requirements.

During Nov.'16 - June '17, Import of refined oil (RBD Palmolein) has sharply increased to 1,903,056 tons from 1,777,839 tons in the same period of last year, while Import of crude oil decreased to 7,708,902 tons from 7,892,977 tons during the same period of last year.

During Nov.'16 - June '17, Palm Oil import has increased to 5,921,563 tons from 5,605,473 tons during the same period of last year, overall share of palm oil products increased to 62% from 58%, thanks to larger import of RBD Palmolein. Soft Oils import reduced to 3,690,395 tons from 4,064,343 tons last year, however, within soft oils, import of sunflower oil has sharply increased at the cost of soybean oil.

Import of Non-edible oils during Nov..16 - June '17 is reported at 251,614 tons compared to 93,227 tons during the same period last year. P.F.A.D., P.K.F.A.D., C.P.S. & RBD Palm Stearin are the major import of non-edible oils.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, July 14 2017. 12:10 IST