Vegetable oil imports up 14% in July

Vegetable oil imports rose 14 per cent in July to 913,179 tonnes, as compared to 800,644 tonnes in the same month last year. Overall import of vegetable oils during the first nine months of the current oil year (November 2010 - October 2011) jumped a marginal 5.3 per cent to 6,043,403 tonnes, as compared to 6,382,314 tonnes in the same period last year, data compiled by the Solvent Extractors' Association showed.

Import of vegetable oils in the first two quarters was lower due to higher crushing of oilseeds and production of oils. However, import of vegetable oils in the third quarter increased by 15.4 per cent, and this trend is likely to continue for the last quarter of the current oil year.

 

Current stock of edible oils, as on August 1, at various ports, is estimated at 560,000 tonnes (CPO 300,000 tonnes, RBD palmolein 70,000 tonnes, degummed soybean oil 130,000 tonnes and crude sunflower oil 60,000 tonnes) and about 1,000,000 tonnes in pipelines. Total stock, both at ports and in pipelines is up by 60,000 tonnes and estimated at 1,560,000 tonnes, as compared to 1,500,000 tonnes as on July 1.