Edible oil imports surge 38% in Nov

The total imports of edible oil surged by 38 per cent in November to 347,320 tonnes compared with 252,242 tonnes in the same month last year, according to data compiled by the Solvent Extractors' Association of India (SEA).

The increase was mainly because of a 75 per cent jump in the imports of crude palm oil (CPO). The country bought 314,611 tonnes of CPO during the month against 180,036 tonnes a year ago.

In the refined oil segment, RBD palmolein imports soared to 445 per cent to 30,014 tonnes from 5,500 tonnes last year. In the crude section, however, imports of olein slumped to one-third to 995 tonnes compared with 2,956 tonnes in November last year.

The imports of vegetable oil during the month was reported at 427,912 tonnes compared with 302,034 tonnes last year. The imports comprised 347,320 tonnes of edible and 80,592 tonnes of non-edible oil.

Meanwhile, for the first time in the last five years, the country did not import crude soybean oil because of its high prices. The difference in prices between the local and the imported soybean oil was as high as Rs 40 per 10 kg.