Soy oil imports jump 40% this season

India’s crude soy oil import is estimated to have surged by 40 per cent to over 1 million tonnes during 2008-09 soybean season ending today, even as the country harvested 9.90 million tonnes of soybean. The imported crude soy oil is refined in the country before it is sold as cooking oil.

According to data compiled by Mumbai-based Solvent Extractors Association of India (SEA), crude soy oil imports are likely to have increased to 1.02 million tonnes in 2008-09 season, compared with 731,000 tonnes last season. Soybean is harvested and processed as oil between October and September.

SEA has already released the import data till August 2009, which stands at 949,000 tonnes of crude soy oil. However, experts said the shipments in September might have been about 75,000 tonnes.

When contacted SEA Executive Director B V Mehta said, “The import data for September will be released in mid-October.” The government has allowed crude soy oil import at zero duty and refined variety attracts 7.5 per cent duty, however there was no import of refined soy oil in the entire season.

According to official data, the country is estimated to have produced 9.90 million tonnes of soybean in the current season that ends today, against 10.97 million tonnes in 2007-08 season, whereas the domestic production of soy oil is estimated to be 1.7-1.8 million tonnes.