Veg oil import up 28% at 11 lakh tonnes in February: SEA

During Nov-Feb period of the current 2015-16 oil year, the import of vegetable oils increased by 19% to 51,25,017 tonnes

Country's vegetable oils import rose by 28% to 11.10 lakh tonnes last month due to higher shipments of refined plamolein on low global prices, according to industry body SEA.

"Import of vegetable oils during February 2016 is reported at 11,10,916 tonnes compared to 868,167 tonnes in February, 2015," Solvent Extractors' Association of India (SEA) said in a statement.

During November-February period of the current 2015-16 oil year, the import of vegetable oils (comprising edible and non-edible oils) increased by 19% to 51,25,017 tonnes as compared to 42,95,443 tonnes in the corresponding period of the previous year, it said.

Import of refined oil (RBD Palmolein) jumped to 7,89,062 tonnes during November 2015 to February 2016 period from 253,780 tonnes in the same period of last year. Crude oil import marginally increased to 43,00,497 tonnes from 39,49,385 tonnes during the same period of last year.

During November-February, palm oil import has marginally increased to 29,60,002 tonnes from 28,03,942 tonnes during the same period of last year.

However, soft oils import sharply increased to 21,29,557 tonnes from 13,99,223 tonnes last year.

"The share of soft oils import increased to 42% from 33% last year while share of palm oil products down to 58% from 67%," the statement said.

Import of non-edible oils fell by 62% at 35,458 tonnes in the first four months of the last year as compared to 92,278 tonnes in the same period last year.

"In last one year, CIF Indian port prices of edible oils moved downward (except crude sunflower oil) in line with fall in international prices. RBD Palmolein price is down by $56 (-8%), crude palm oil by $49 (-7%) and Crude soybean oil by $58 (-7%). In last one year rupee has depreciated by 10%," SEA said.