Veg oil imports down 6% at 11.96 lakh tonnes in January 2020

Vegetable oil imports fell 6 per cent to 11.96 lakh tonnes in January due to restriction on inward shipments of refined palm oil, an industry body said on Thursday.

Import of vegetable oils (comprising edible and non-edible oils) during last month is reported at 11,95,812 tonnes compared to 12,75,259 tonnes in January 2019, Solvent Extractors' Association of India (SEA) said in a statement.

Edible oil imports fell to 11,57,123 tonnes from 12,10,603 tonnes, while shipments of non-edible imports declined to 38,689 tonnes from 64,656 units during the period under review, the data showed.

During the first three months of 2019-20 oil marketing year, the overall import of vegetable oils is down 5 per cent at 34,51,313 tonnes compared to 36,20,316 tonnes in the corresponding period of the previous year. Oil year runs from November to October.

"Director General of Foreign Trade (DGFT), Ministry of Commerce & Industry, issued notification dated 8th January, 2019, placing import of RBD Palmolein and Palm Oil under 'restricted list' to regulate excessive import in to India. The import will now be subject to license to be issued by DGFT," the statement said.

During first quarter of current oil year, import of refined oil (mainly RBD palmolein) decreased to 2,66,859 tonnes from 4,06,799 tonnes in the same period of last year. However, import of crude oil increased marginally at 30,94,068 tonnes compared to 30,22,951 tonnes during the same period of last year.

"During November'19-January'20, palm oil import has decreased to 20,04,657 tonnes (60 per cent) from 23,18,763 tonnes (68 per cent) during the same period of last year. However, soft oils (sunflower, soyabean and rapeseed) import increased to 13,56,270 tonnes (40 per cent) from 11,10,987 tonnes (32 per cent) during the same period of last year mainly due to reduction in spread between Palm Oil and Soft Oils, makes soft oils import more viable," the statement said.