Vegetable oil import down 6% in Nov-Mar

Average stock of veg oils on ports and in pipeline was 1.4 to 1.5 million tonnes in past six months

Vegetable oil imports between November 2013 and March 2014, the first five months of the oil year, saw a drop of six per cent to 4.3 million tonnes  (mt)compared to 4.6 mt in the same period last year, according to data issued by the Solvent Extractors’ Association.

The imports saw a sharp increase in November and December but these got arrested after that. Now, the reports indicate a possible fall. March vegetable oil imports also saw a drop of six per cent, compared to the same period last year, to 835,424 tonnes.

The average stock in the ports and the pipeline was 1.4-1.5 mt in the +past six months but has been averaging 1.2 mt in the past two months.

Imports of RBD palmolein saw a jump, however, of 32 per cent between November and March, to 817,615 tonnes as prices were on the lower side. Crude palm oil imports were down 11 per cent from November to March, at 3.4 mt.

Total edible oil imports from November to March were 4.2 mt compared to 4.4 mt in the same period last year, while non-edible oil imports were 78,574 tonnes this year; last year, it was 127,242 tonnes. Availability of oilseeds was higher this year, leading to higher availability of vegetable oil.

Around 60 per cent of India’s vegetable oil demand is met by imports. The picture this year is expected to be the same as last year. Domestic consumption is on the rise.