COMMODITY
Vegetable oil imports rise by 26% in July
Aug-16-2019

The Solvent Extractors’ Association of India’s (SEA) data showed that vegetable oil imports of India reported 26% rise to 1,412,001 tons during July 2019 compared to 1,119,538 tons in July 2018, comprising of  edible oils at 1,347,882 tons and 64,119 tons of non-edible oils. The overall vegetable oil imports have peaked by 5% during November 2018 to July 2019 is at 11,280,972 ton as against last year same period's 10,766,076.

In last few months, on account of lower tariff duty to Malaysia for palmolein under India-Malaysia CECA Agreement, India consumed more of RBD palmolein following reduction of duty difference from 10% to 5% between CPO and palmolein sourced from Malaysia with effect from January 1, 2019. This has considerably affected working of domestic refiners of CPO and capacity utilization has been further reduced.

In last one year, prices of palm oils in international market have gone down in the range of 10-16%. The spread between palm oil and soft oils has increased, leading to higher import of palm products. Import of non-edible oils during July 2019 is reported at 64,119 ton compared to 65,825 ton in July 2018. The overall import of non-edible oils during November 2018 to July 2019 is reported at 477,195 ton, compared to 311,587 ton during the same period last year.

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