Vegetable oil import up 7% in December

Total import of veg oil stood at 1.14 million tonnes

Vegetable oil import in India rose 7% in December due to continuous dumping from surplus countries like Indonesia and Malaysia on "nil" export duty.

Data compiled by the apex trade body the Solvent Extractors' Association showed India's total import of veg oil at 1.14 million tonnes in December 2014 as compared to 1.07 million tonnes in the corresponding month last year.

The overall import of veg oils during November - December 2014 was reported at 2.33 million tonnes as compared to 2.01 million tonnes i.e. up by 16%.

In last three months, due to "nil" export duty on palm products by Indonesia and Malaysia and reduced demand of crude palm oil for bio diesel, pushed the export of palm products to India to reduce burgeoning stock held by the exporting countries.

Also, due to high prices of soybean and lesser realization for oil and soybean meal in export market, resulted in lower crushing and availability of domestic oil, B V Mehta, executive director of SEA, said.