Veg oil imports decline 17% in January

Vegetable oil import declined 17 per cent in January due to higher availability from domestic sources. Local mills intensified crushing of oilseeds on increased parity compared to the same period last year.

Data compiled by the apex trade body the Solvent Extractors’ Association (SEA) showed that total vegetable oil imports were 721,197 tonnes as compared to 872,395 tonnes in the same of the previous year.

Total import of vegetable oil during the first three months of the current oil year (November-October), however, reported a decline of 11 per cent at 2.14 million tonnes from 2.41 million tonnes in the comparable period a year ago.

Trade sources believe that increased oilseed output and recovery in edible oil prices have helped higher realisation for crushing mills’ output this year.

Between November 2010 and January 2011, total import of RBD palmolein was down by three per cent at 297,417 tonnes as compared to 382,136 tonnes in the same period of last year. Share of refined oil was 14 per cent, while crude oil was 86 per cent and reported at 1.78 million tonnes versus 1.92 million tonnes in the corresponding period of previous year.

Import of palm oil was recorded at 1.72 million tonnes as compared to 1.86 million tonnes during the same period of last year. Soft oils import slumped to 353,508 tonnes versus 436,013 tonnes in the first quarter of the current oil year.

A SEA statement estimates total stock of edible oils as on February 1 at various ports at 695,000 tonnes (CPO 430,000 tonnes, RBD palmolein 100,000 tonnes, degummed soybean oil 100,000 tonnes and crude sunflower oil at 65,000 tonnes) and about 850,000 tonnes in the pipelines.

Total stock both at ports and in pipelines, therefore, was estimated at 1.55 million tonnes as compared to 1.45 million tonnes as on January 1, 2011.