Import of Vegetable Oils in 1st Quarter November 2014-January 2015 was Up by 17%

The Solvent Extractors' Association of India has compiled the Import data of Vegetable Oils (edible & non-edible) for the month of January 2015. Import of vegetable oils during January 2015 is reported at 1,095,466 tons compared to 905,814 tons in January 2014, consisting of 1,082,670 tons of edible oils and 12,796 tons of non-edible oils i.e. up by 21%. The overall import of vegetable oils during Nov.'14 to Jan.'15 is reported at 3,424,986 tons compared to 2,917,832 tons i.e. up by 17%.

In last three months, due to Nil export duty on palm products by Indonesia and Malaysia and reduced demand of CPO 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 oil availability in domestic market. Import has shown 17% growth in first three months of oil year 2014-15 over same period of last year.

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