Soyabean oil imports surge 152% in 5 months

Soyabean oil imports from November 2004 to March 2005 have more than doubled, according to information compiled by the Solvent Extractors' Association of India (SEA).

Soyabean oil imports, which account for over 36 per cent of total edible oil import, rose 152 per cent at 598,252 tonne during the five months against 236,990 tonne during the corresponding previous period.

The import of edible oils during March 2005 was 343,460 tonne compared with 475,933 tonne in the corresponding period last year, declining by 28 per cent.

Total import for the current oil year from November to March 2005 stood at 1,674,625 tonne compared with 1,629,675 tonne during the previous corresponding period, more or less the same quantity.

Imports during 2004-05 (April-March) stood at 44.8 lakh tonne against 51.7 lakh tonne last year, representing 70 per cent palm products and 30 percent soft oils, mainly soybean oil.

Crude oil imports are indicating a rising trend as well, with the import of refined oil at 225,436 tonne and crude oil at 1,449,189 tonne, constituting 87 per cent during November 2004 to March 2005.

The overall import of refined oil is decreasing, while crude oil is increasing owing to duty difference and resolvement of carotenoid issue in February.

Import of palm oil products has reduced to 1,043,875 tonne compared with 1,349,816 tonne, down to 62 per cent from 83 per cent. Import of soft oils, mainly soyabean oil, has risen to 630,750 tonne from 279,859 tonne during November 2004 to March 2005.

The import of non-edible oils in March was reported at 22,171 tonne compared with 21,316 tonne in March last year. Total imports of non-edible oil from November to March was reported at 113,675 tonne compared with 99,721 tonne during the same period last year.