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Veg oil imports in India jumped 23.22% in March this year on lower crushing from domestic sources due to negative margins.
Data compiled by the apex trade body the Solvent Extractors’ Association (SEA) showed India’s veg oil imports at 896,714 tonnes in March this year compared with 727,706 tonnes in the corresponding month last year. Overall import of veg oil shot up by 22.22% at 4.63 million tonnes in the first five-month of the current oil year (November 2012 – March 2013) as against 3.79 million tonnes in the corresponding period last year.
Total stock, both at ports and in pipelines has touched to 2,100,000 tons, nearly 45 days consumption requirement by the country against usual stock of 30 days.
Farmers are currently discouraged to produce oil from domestic availability of seeds due to a negative parity of Rs 200 a quintal, said an analyst.
