Vegetable oil imports down 18%

Higher demand for soy oil in domestic market behind fall, say analysts

Vegetable oil imports in November witnessed a fall of 18%, according to The Solvent Extractors Association of India, due to weak demand in the domestic market.

Crushing of soybean has been good this year and during this season demand for soy oil is higher in the domestic market hence imports of vegetable oils are down, according to analysts.

Last month 7,00,371 tonne of vegetable oils were imported compared to 8,55,363 tonne in the same period last year.

Current stock of edible oils as on 1 December at various ports is estimated at 6,55,000 tonne (CPO 4,60,000 tonne, RBD palmolein 75,000 tonne, degummed soybean oil 40,000 tonne, crude sunflower oi 70,000 tonne and canola rape oil 10,000 tonne) and about 800,000 tonne in pipelines.

Total stock, both at ports and in pipelines is reduced by 1,15,000 tonne to 14,55,000 tonne.