Import of Vegetable Oils rises by 25% in January 2018 and by 6% in 1st Quarter (November 2017 - January 2018)
Import of vegetable oils during March 2018 is reported at 1,146,051 tons compared to 1,114,325 tons in March 2017, consisting 1,122,685 tons of edible oils and 23,366 tons of non-edible oils i.e. up by 3%, as per the Import data of Vegetable Oils (edible & non-edible) for the month of March, 2018 compiled by The Solvent Extractors' Association of India. The overall import of vegetable oils during November 2017 to March 2018 is reported at 5,931,829 tons compared to 5,798,776 tons i.e. Up by 2%.
Import during Financial Year 2017-18(April-March): Import of Vegetable Oils during Financial Year 2017-18 (April - March) reported at 15,573,295 tons consisting 15,181,180 tons of edible oils and 392,115 tons of non-edible oils compared to 14,217,756 tons in 2016-17 i.e. up by 10%.
On 1st March.,2018, Union Government increased import duty on Crude Palm Oil , RBD Palmolein and RBD Palm Oil. Import duty on CPO increased to 44% from 30% (effective duty 48.4%) and RBD Palmolein and Refined Palm Oil to 54% from 40% (effective duty 59.4%) without changes in import duty on sunflower oil, rapeseed oil and soybean oil.
This increase in duty is welcome step. Yet, the government has missed the opportunity to provide a 20% duty difference between crude and refined oils as requested by the Association to encourage domestic refining industry and promote Make in India.
Stock Position at Port & in Pipeline :- The stock of edible oils as on 1st April, 2018 at various ports is estimated at 770,000 tons (CPO 350,000 tons, RBD Palmolein 160,000 tons, Degummed Soybean Oil 80,000 tons, Crude Sunflower Oil 160,000 tons and 20,000 tons of Rapeseed (Canola) Oil) and about 1,342,000 tons in pipelines. Total stock at ports and in pipelines is reported at 2,112,000 tons, decreased by 85,000 tons from 2,197,000 tons in March 2018. India's total demand for edible oils during 2017-18 is estimated at 23.00 lakh tons. Monthly requirement is about 19.00 lakh tons and operate at 30 days stock against which currently holding stock over 21.12 lakh tons equal to 33 days requirements.
Import of Refined & Crude Oil Ratio:- During Nov.'17 - Mar.'18, Import of refined oil (RBD Palmolein) showing declining trend, decreased to 770,581 tons from 1,135,708 tons in same period of last year. Import of Crude edible oils has increased to 5,007,554 tons from 4,538,667 (16-17), mainly due to increased in import of Crude Palm Oil and Sunflower Oil while Soybean Oil decreased.
The overall crude oil import share increased to 87% from 80% while refined oil decreased to 13% from 20%.
Import of Palm & Soft Oil Ratio:- During Nov.'17-Mar.'18, overall Palm Oil import has increased to 3,795,214 tons from 3,553,503 tons, thanks to withdrawal of export duty by the Malaysia, while Soft Oils import decreased to 1,982,921 tons from 2,120,872 tons during the same period of last year.
Import of Non-edible Oils: Import of Non-edible oils during Nov.'17 to Mar,'18 is reported at 153,694 tons compared to 124,401 tons during the same period last year i.e. up by 24%. This is mainly due to higher import of P. F. A. D. and C. P. S. at Nil duty under actual user condition, seriously affecting domestic refiners and main cause of disparity in domestic refining of palm oil.
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